Magic Eden to Opensource DAO NFT Marketplace

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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 will oversee digital collectibles on multiple blockchains Magic Eden has integrated such as Solana Polygon Bitcoin and Ethereum.

The DAO is powered by a native coin called $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.

The DAO cautioned users that while the native cryptocurrency has not yet been released, malicious actors may pose as airdrop issuers. When the $NFT currency goes live, a majority of its supply is distributed to members who interact with open-sourced protocols hosted by the Non-Fungible DAO.

Magic Eden, along with the Non-Fungible Dao, also Roll outa group of products that are interwoven into its brand. One of them is the self-custodial cross-chain wallet, which allows crypto swaps between Bitcoins, Ethereums, Solanas, and Polygons. 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. Partnerships are formed in several waysYou can also find out more about the following: Explore other BlockchainsThe network is not limited to its base (Solana). With this latest venture, the NFT market is likely to see an increase in its user base and fund.