Magic Eden, the NFT marketplace in Solana that is based on Solana, introduced a new decentralized autonomy organization (DAO), to its NFT community. Magic Eden’s Non-Fungible Decentralized Autonomous Organization (DAO) will open source all its major NFT Protocols to the organization in order to promote decentralization.
The Non-Fungible DAO, a community-led organisation that fosters decentralizationWhile featuring NFTs. The DAO oversees open-source digital collectibles from multiple blockchains Magic Eden integrates, such as Solana and Polygon, Bitcoin and Ethereum.
The DAO will run on a native token named $NFT. The currency will act as a governance token within the community. It will allow token holders to vote for proposals, decision-making procedures, and other fund distribution matters.
While noting that $NFT is yet to be released as a native cryptocurrency, the DAO warned users about malicious actors posing to be $NFT Airdrops issuers. When the $NFT crypto goes live, its majority will be distributed to members that interact with the open-sourced protocol housed by the non-fungible DAO.
Magic Eden, along with the Non-Fungible Dao, also Roll outA group of products are interwoven with its brand. The cross-chain self custodial wallet allows crypto swaps among Bitcoin, Ethereum Solana and Polygon. The digital wallet, which was initially available to a select few users in 2023, will now allow users the opportunity to trade NFTs in order to earn 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. Magic Eden was founded in 2021 and has grown to become a global leader in the non-fungible space. The forged partnershipsThe following are some examples of how to get started: Explore other BlockchainsThe network is not limited to its base (Solana). The NFT market may see an increase in users and funds with the latest initiative.