Magic Eden Traders to Unlock Dual Rewards
Magic Eden, a leading cross-chain NFT marketplace, has announced its intention to open-source minting and trading protocols.
This initiative is part of a collaboration with the newly introduced Non-Fungible DAO, set to launch the “NFT” token to reward users engaged in NFT trading activities.
Introducing Magic Eden Rewards— Magic Eden 🪄 (@MagicEden) January 23, 2024
We’ve spent the last year designing a long term, cross-chain NFT rewards program built for everyone. This isn’t just another points campaign. It’s a meticulously crafted plan to give back to Magic Eden’s OGs, collectors, creators, and degens alike.… pic.twitter.com/RQkJpoZEvi
According to Magic Eden General Manager Tiffany Huang via Decrypt, the Non-Fungible DAO plans to distribute the NFT token to individuals actively using the governed protocols, including those associated with the Magic Eden marketplace and minting across various blockchains.
While the launch details, such as the targeted chain and distribution specifics, are yet to be finalized, the connection between the NFT token drop and Magic Eden’s trading activities is evident.
Users leveraging Magic Eden’s protocols are anticipated to be recipients of the NFT token, with the DAO expected to release distribution details soon, as explained by Huang.
Launching Rewards today is a huge milestone not only for Magic Eden but imo also for the NFT ecosystem as a whole.— 💎 z.magic (@ZhuoxunYin) January 24, 2024
We believe that no matter where you experience NFTs and how you experience NFTs you deserve to be recognized as someone who is contributing to grow this… pic.twitter.com/8g1EHNj0YS
Simultaneously, Magic Eden is set to expand its existing Diamonds rewards program, extending it to all four chains it serves.
Huang describes the Diamonds model and the NFT token drop by the DAO as “parallel paths” for trading rewards.
She emphasizes that the Diamonds program is designed to endure indefinitely, even beyond the release of the Non-Fungible DAO’s NFT token.
Currently operational on Solana, Diamonds will be integrated into the upcoming Ethereum NFT marketplace—developed in collaboration with Yuga Labs, the creator of Bored Ape Yacht Club.
The Ethereum marketplace is scheduled for a late February launch, followed by the integration of Diamonds rewards on Bitcoin and Polygon.
Moreover, Magic Eden plans to incorporate rewards into its cross-chain crypto wallet, scheduled for public launch on January 29 after a closed beta debut in November.
Distinguishing itself from other points-based models, Magic Eden aims to reward not only NFT traders listing assets or providing liquidity but also average retail users purchasing NFTs through the marketplace.
The Diamonds model will feature quests for users to earn points, and Magic Eden will conduct a substantial Diamonds drop on February 2 for long-time users, offering rewards dating back to the marketplace’s inception in 2021.
While there is overlap between the NFT token rewards and Diamonds, Magic Eden emphasizes treating them as distinct initiatives, each offering unique benefits to users actively participating in the Magic Eden ecosystem.