SNEAK PEEK
- Magic Eden, the renowned NFT marketplace, announces collaboration with Non-Fungible DAO to introduce a new crypto token, “NFT”, to reward user engagement.
- Launching a new cross-chain crypto wallet signifies Magic Eden’s innovative stride in the NFT space.
- Expanding the Diamonds rewards program, Magic Eden aims to revolutionize NFT trading.
Magic Eden, a leading cross-chain NFT marketplace, is set to revolutionize the world of NFT trading with its latest strategic moves. The company has announced a significant expansion of its Diamonds rewards program across various blockchains while collaborating with the Non-Fungible DAO to launch a unique crypto token named “NFT.” This initiative aims to reward NFT traders for their engagement and participation in the marketplace.
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
Magic Eden’s General Manager, Tiffany Huang, revealed that the Non-Fungible DAO, a separate entity, plans to distribute the NFT token to users engaging with the protocols under its governance. This includes Magic Eden’s marketplace and minting protocols across different chains. While the specific launch details of the NFT token remain under wraps, the intent is clear – to incentivize active participation in the Magic Eden ecosystem.
Moreover, Magic Eden is focusing on expanding its Diamonds rewards system and introducing a novel cross-chain crypto wallet, set to debut publicly on January 29. This wallet follows a successful closed beta phase and is part of Magic Eden’s broader strategy to enhance user experience and engagement.
The approach to rewards is notably distinct from other platforms. Unlike models that primarily reward NFT traders for listing assets or providing liquidity, Magic Eden’s strategy includes rewarding average retail users for simply purchasing NFTs. The Diamonds model, currently active on Solana, will soon extend to Ethereum, Bitcoin, and Polygon networks. It involves completing various quests to earn points, with a significant Diamonds drop planned for February 2, rewarding long-standing users dating back to the marketplace’s inception in 2021.
While there is an overlap between the NFT token rewards and the Diamonds program, Magic Eden treats them as separate initiatives, each with its distinct pathway to rewarding users. The timing of these initiatives is crucial as Magic Eden faces stiff competition in the NFT trading market, particularly from rivals like Tensor. However, Huang emphasizes that these developments result from long-term planning and reflect Magic Eden’s commitment to adopting open-source technology and enhancing community engagement.
The $NFT community will control and steward the future development and adoption of the DAO's protocols, where each token holder gets to vote on governance and use of the ecosystem funds.
— Non-Fungible DAO (@Non_FungibleDAO) January 22, 2024
The collaboration with Non-Fungible DAO and the expansion of the Diamonds program are significant steps towards this goal, aiming to foster a more inclusive and rewarding environment for NFT traders and enthusiasts across multiple blockchains. As the NFT marketplace continues evolving, Magic Eden’s initiatives position it as a forerunner in redefining user engagement and rewards in digital assets.
