- Magic Eden is expanding its rewards system across all chains and adding new quests and token drops to better incentivize traders.
- Magic Eden will integrate rewards of the upcoming NFT governance token from Non-Fungible DAO parallel to its Diamonds rewards.
- Magic Eden is open sourcing its protocols and decentralizing to its community, coinciding with rival Tensor eating into its market share.
Magic Eden, the prominent NFT marketplace, is expanding its rewards system while also integrating with an upcoming NFT token from the new Non-Fungible DAO. The moves aim to better incentivize traders across multiple blockchains.
Diamonds Program Ramping Up
Magic Eden launched its Diamonds rewards program last year, starting on Solana. It will now expand the system across all chains, while also adding new quests and token drops. The aim is to reward buyers, sellers, creators, and other users.
Integrating the NFT Token
The Non-Fungible DAO plans to launch a governance token called NFT. Magic Eden will integrate NFT rewards into its platform. Users of its protocols will receive the NFT token, parallel to earning Diamonds.
Magic Eden Going More Open Source
Magic Eden will open source its minting and trading protocols. This supports its push towards decentralization after past criticism. The NFT community will control the DAO’s protocols and ecosystem funds.
The Motivations Behind It All
The moves coincide with rival Tensor eating into Magic Eden’s market share on Solana. But Magic Eden says it’s part of a long transition towards open source and decentralization. The company aims to reward its community and expand the NFT industry.
