Solana NFT Marketplace Magic Eden launches tokens and launches DAO

Solana NFT Marketplace Magic Eden launches tokens and launches DAO

In short

  • Magic Eden, the first Solana NFT marketplace, will launch a DAO called MagicDAO.
  • The marketplace will distribute between 25,000 and 30,000 NFT membership cards to active users.

NFT Market magic eden quickly rose to the top of the Solana pack, becoming the dominant player in the space much like OpenSea did on Ethereum. Today, the project aims to expand and evolve, today announcing plans to create a CAD and NFT airdrop membership pass to existing users.

Magic Eden will launch MagicDAO, a DAO was designed to continue the development of the platform, provide benefits to supporters (including exclusive access to events) and expand the project ecosystem over time. DAOs have recently become a popular way to organize online communities, often governed by their own cryptocurrencies or tokensand work towards a common goal.

Starting today, Magic Eden will release between 25,000 and 30,000 Magic Tickets NFT to existing market users. Each ticket will function as a pass to the DAO community, including access to a closed channel on the Magic Eden Discord server.

Magic Eden will distribute the passes to three distinct groups: users who made their first transactions between September 17 and October 17 of last year during the first month of the platform’s existence, those who used the platform for the first time between October 18 and December 17, and those who used the platform for the first time. site on December 18 or later.

Users who qualify for the airdrop will receive a unique NFT collectible depending on which group they belong to, and Magic Eden said it will prioritize NFTs to still-active users who have transacted in the market at the course of the last month.

Additionally, Magic Eden will require users to link an email address and Discord account to their market profile, which is associated with a Solana wallet. In this way, according to the announcement, the project will “ensure that the Magic Ticket will go to real people who enjoy transacting on Magic Eden.”

At this point, Magic Ticket NFTs will not act as a governance token for all users. Magic Eden team members and community leaders will handle the governance of the project, although the process may change over time. Additional Magic Tickets may also be released in the future.

At first, MagicDAO will allow members to vote on NFT projects to be featured on the market homepage, participate in a hacker challenge to create market tools, and have exclusive benefits for the event NFT LA in Los Angeles at the end of March. Community members can also provide advice on how DAO cash funds should be spent and invested.

An NFT serves as a blockchain-backed receipt for a unique digital item and can represent things like images and video collectibles. NFTs can also serve a purpose, for example, serving as an access pass to digital venues and real world events.

Solana’s NFT Stage gained momentum last fall, and Magic Eden quickly rose to the top of the marketplace pack shortly after launch. According to data from DappRadar, the marketplace has processed some $475 million in trading volume over the past 30 days, with some 230,000 users during that time. The second highest Solana platform is Solanart with $29 million and around 65,000 users.

Magic Eden’s backers include Coinbase Ventures, Solana Ventures, and Alameda Ventures. The market also teased a Series A funding announcement on the horizon.

On Saturday, Magic Eden announced the relaunch of its Launchpad servicewhich sees the marketplace working directly with creators to market and launch NFT drops.

The revised model requires creators to “dox privately” or identify themselves to the Magic Eden team, in an effort to avoid future situations where creators scam NFT buyers (aka “rug shots”) ). Recent projects Baloonsville and King of Chess have both been deemed scams on the platform, leading Magic Eden to refund buyers and rethink its approach.

Editor’s Note: Magic Eden has clarified that it now expects to only release up to 30,000 NFTs, not 50,000. This article has been updated to note the new expected total.

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