Solana-based NFT market Magic Eden has launched a brand new decentralized autonomous group (DAO) to its NFT-loving neighborhood. Dubbed the Non-Fungible DAO, Magic Eden will open-source all its main NFT protocols to the group to bolster decentralization.
The Non-Fungible DAO is a community-led group that fosters decentralization whereas that includes NFTs. The DAO will oversee open-source digital collectibles throughout a number of blockchains that Magic Eden has built-in, equivalent to Solana, Polygon, Bitcoin, and Ethereum.
The DAO will probably be powered by a local token referred to as $NFT. The forex will function a governance token throughout the neighborhood, permitting token holders to vote on proposals, decision-making processes, and different fund allocation issues.
Whereas noting that the native cryptocurrency is but to be launched, the DAO urged customers to be cautious of malicious actors posing as $NFT airdrops issuers. When the $NFT cryptocurrency goes reside, nearly all of its provide will probably be distributed amongst members who work together with the open-sourced protocols housed by the Non-Fungible DAO.
Alongside the Non-Fungible DAO, Magic Eden additionally rolled out a cohort of merchandise interlaced with its model. Amongst them is the cross-chain self-custodial pockets that allows crypto swaps between Bitcoin, Ethereum, Solana, and Polygon. Initially launched to a couple customers in late 2023, the publicly-available digital pockets will now permit customers to commerce NFTs and earn in-house rewards.
Commenting on the improvements, Magic Eden’s co-founder and COO, Zhuoxun Yin, mentioned:
“This can be a long run wager, which is why we’re so excited in regards to the formation of Non-Fungible DAO and the ability of open-source, community-controlled software program to dramatically develop the ecosystem.”
Magic Eden’s newest initiative demonstrates the agency’s dedication to increasing its stance within the non-fungible realm. Since its founding in 2021, Magic Eden has solid a number of partnerships and explored different blockchains other than its base community (Solana). With the most recent endeavour, the NFT market might doubtless see an uptick in its consumer base and funds.