Solana-based NFT marketplace Magic Eden has introduced a new decentralized autonomous organization (DAO) to its NFT-loving community. Dubbed the Non-Fungible DAO, Magic Eden will open-source all its major NFT protocols to the organization to bolster decentralization.
The Non-Fungible DAO is a community-led organization that fosters decentralization while featuring NFTs. The DAO will oversee open-source digital collectibles across multiple blockchains that Magic Eden has integrated, such as Solana, Polygon, Bitcoin, and Ethereum.
The DAO will be powered by a native token called $NFT. The currency will serve as a governance token within the community, allowing token holders to vote on proposals, decision-making processes, and other fund allocation matters.
While noting that the native cryptocurrency is yet to be released, the DAO urged users to be wary of malicious actors posing as $NFT airdrops issuers. When the $NFT cryptocurrency goes live, the majority of its supply will be distributed among members who interact with the open-sourced protocols housed by the Non-Fungible DAO.
Alongside the Non-Fungible DAO, Magic Eden also rolled out a cohort of products interlaced with its brand. Among them is the cross-chain self-custodial wallet that enables crypto swaps between Bitcoin, Ethereum, Solana, and Polygon. Originally introduced to a few users in late 2023, the publicly-available digital wallet will now allow users to trade NFTs and earn in-house rewards.
Commenting on the innovations, Magic Eden’s co-founder and COO, Zhuoxun Yin, said:
“This is a long term bet, which is why we are so excited about the formation of Non-Fungible DAO and the power of open-source, community-controlled software to dramatically grow the ecosystem.”
Magic Eden’s latest initiative demonstrates the firm’s commitment to expanding its stance in the non-fungible realm. Since its founding in 2021, Magic Eden has forged several partnerships and explored other blockchains aside from its base network (Solana). With the latest endeavour, the NFT marketplace may likely see an uptick in its user base and funds.
