Magic Eden to Opensource NFT Marketplace to Newly Introduced Non-Fungible DAO

Solana-based NFT marketplace Magic Eden has introduced a caller decentralized autonomous enactment (DAO) to its NFT-loving community. Dubbed the Non-Fungible DAO, Magic Eden volition open-source each its large NFT protocols to the enactment to bolster decentralization.

The Non-Fungible DAO is simply a community-led enactment that fosters decentralization portion featuring NFTs. The DAO volition oversee open-source integer collectibles crossed aggregate blockchains that Magic Eden has integrated, specified arsenic Solana, Polygon, Bitcoin, and Ethereum.

The DAO volition beryllium powered by a autochthonal token called $NFT. The currency volition service arsenic a governance token wrong the community, allowing token holders to ballot connected proposals, decision-making processes, and different money allocation matters.

While noting that the autochthonal cryptocurrency is yet to beryllium released, the DAO urged users to beryllium wary of malicious actors posing arsenic $NFT airdrops issuers. When the $NFT cryptocurrency goes live, the bulk of its proviso volition beryllium distributed among members who interact with the open-sourced protocols housed by the Non-Fungible DAO.

Alongside the Non-Fungible DAO, Magic Eden besides rolled out a cohort of products interlaced with its brand. Among them is the cross-chain self-custodial wallet that enables crypto swaps betwixt Bitcoin, Ethereum, Solana, and Polygon. Originally introduced to a fewer users successful precocious 2023, the publicly-available integer wallet volition present let users to commercialized NFTs and gain in-house rewards.

Commenting connected the innovations, Magic Eden’s co-founder and COO, Zhuoxun Yin, said:

“This is simply a agelong word bet, which is wherefore we are truthful excited astir the enactment of Non-Fungible DAO and the powerfulness of open-source, community-controlled bundle to dramatically turn the ecosystem.”

Magic Eden’s latest inaugural demonstrates the firm’s committedness to expanding its stance successful the non-fungible realm. Since its founding successful 2021, Magic Eden has forged respective partnerships and explored different blockchains speech from its basal web (Solana). With the latest endeavour, the NFT marketplace whitethorn apt spot an uptick successful its idiosyncratic basal and funds.