Magic Eden Transfers All Resources to Non-Fungible DAO, a New Organization Launching NFT Token

Magic Eden, a leading NFT marketplace, announced that it will decentralize its operations, open-source all its technology, and hand over all its NFT trading and minting protocols to another organization.

The organization is called Non-Fungible DAO, a decentralized community-driven organization with a mission to promote NFT projects. Decentralization is essential to the global adoption of NFTs. Magic Eden will be open-sourcing and contributing all of its NFT trading and minting protocols to Non-Fungible DAO.

As a first step, Non-Fungible DAO will take over the management of Magic Eden and the NFT trading activities on the blockchains supported by the platform, namely Solana, Ethereum, Polygon, and Bitcoin.

Moreover, Non-Fungible DAO will empower the community through a token with the ticker NFT, which will allow the holders to vote on important decisions for the protocol. However, the tokenomics of the NFT token have not been revealed yet.

Non-Fungible DAO said that more information about the DAO airdrop event will be disclosed soon.

Also in the announcement on January 22, Magic Eden updated its reward program, starting on Solana and soon expanding to the other three blockchains. The platform also announced that it will soon launch a cross-chain crypto wallet for the NFT collectors.

Magic Eden was once the top NFT platform on the Solana ecosystem. However, during the downtrend of 2022-2023, the project had to expand to other blockchains to attract more users.

Nevertheless, the market share of Magic Eden on both Solana and Ethereum has declined significantly with the emergence of new-generation NFT platforms with their own tokens.

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