Magic Eden – a multi-chain NFT Marketplace platform has launched a series of important updates recently and received a lot of attention from the community. So what is special about these updates and what ambitions do Magic Eden represent? Let’s find out with Weakhand in this article.
Before jumping into the article, you can refer to some of the following articles to understand better.
- What is Magic Eden? Magic Eden cryptocurrency overview
- What is NFT Marketplace? Operating mechanism and some prominent NFT Marketplaces
Overview of Magic Eden
Magic Eden is an NFT Marketplace platform initially deployed on Solana but has since oriented multi-chain development on many different Blockchains such as: Ethereum, Bitcoin and Polygon. For convenience, users can access Magic Eden through both a browser on a computer or an application on Android or IOS.
Magic Eden provides a variety of NFT collections on different Blockchains such as: Azuki, Pudgy Penguins,… on Ethereum, Tensorians, Mad Labs,… on Solana or outstanding collections on Bitcoin such as: Node Monkeys, Bitcoin Frogs,… In addition to buying and selling activities such as bidding or listing, Magic Eden also provides many other services such as Launchpad, Gaming and auction features on its platform.
A Series Of Updates Of Magic Eden Recently
First is the announcement of the launch of Non-Fungible DAO on January 22, 2024.
Introducing Non-Fungible DAO, powered by $NFT
Non-Fungible DAO will be a community-owned, decentralized organization on a mission to develop and drive adoption of the protocols that will power the future of NFT commerce. pic.twitter.com/PJsCgLMNWU
— Non-Fungible DAO (@Non_FungibleDAO) January 22, 2024
The content of the post focuses on the following main ideas:
- Magic Eden will Open Source its Smart Contracts on Solana, Bitcoin, Ethereum and Polygon markets and control of the protocol will belong to the Non-Fungible DAO.
- The DAO will be managed by NFT token holders (note that NFT tokens have not yet been launched on the market).
- The majority of the supply of NFT tokens will be distributed to the community, with users able to earn it through the use of exchanges owned by the Non-Fungible DAO.
Overall, through the above post we can clearly see that Magic Eden will develop in a decentralized direction by operating DAO and users can use Magic Eden to receive the NFT token airdrop that will be released in the future. hybrid.
About 4 hours later, Magic Eden continued to post a video lasting about 1 minute (everyone can watch here). Through the video above we can see two notable things:
The first is the appearance of famous NFT collections on different Blockchains displayed side by side. This proves that Magic Eden is planning to merge all its Solana, Ethereum, Polygon, and Bitcoin NFT marketplaces into a single marketplace.
Famous NFT collections on different Blockchains are displayed side by side
Then the Magic Eden wallet is shown. This wallet was announced a few months ago and is still in beta.
Magic Eden Wallet is shown in the video
This is in addition to the merger of the 4 markets above because as everyone knows, there is currently no wallet on the market that integrates cross-chain trading for NFTs and Magic Eden’s wallet can be created to solve this problem. According to the project description, there will be some outstanding features of Magic Eden Wallet including:
- Allows for quick cryptocurrency transfers between Blockchains and stores any NFT on 4 Blockchains Solana, Ethereum, Polygon and Bitcoin.
- Use a single wallet instead of having to convert wallets for each specific Blockchain.
- Integrates directly with Magic Eden’s NFT Marketplace platform to provide users with better governance, rewards, and experiences.
- Do more directly from Magic Eden Wallet such as view, buy, list and sell NFTs on Magic Eden without leaving your wallet.
- Buy and sell online using simple payment methods like credit cards, bank cards or Apple Pay.
Finally, the announcement of the launch of Magic Eden Rewards on January 24, 2024. This added context to the previous DAO launch. Summary of main ideas in this announcement as follows:
- This is a diamond accumulation program for users who trade on Magic Eden and will be converted into NFT tokens upon launch. The program will start on Solana from February 2, 2024.
- Magic Eden Tickets holders will also receive rewards where Magic Eden Tickets is an NFT collectible that allows the holder to be granted access to the DAO.
A Series of New Updates Shows Magic Eden’s Vision and Ambition
Implement an airdrop campaign to attract users
The airdrop campaign has brought great results to many projects including Blur and Tensor. In addition to attracting users, this campaign will attract Farmers to farm points and bring a huge amount of liquidity to the platform.
Under the strong rise of Tensor, deploying Magic Eden Rewards first on Solana is a reasonable direction and this will help Magic Eden regain market share and affirm its number 1 position on Solana.
Unify users and communities across the entire ecosystem
At present, on its platform, Magic Eden is divided into 4 smaller markets corresponding to each Blockchain. This leaves users for example on Solana wanting to buy NFTs on Bitcoin but not knowing where to start.
Consolidating into a single marketplace will help unify users across all chains. In addition, it also helps users to buy any NFT collection without many barriers in the entry process.
summary
Magic Eden is bringing a series of new updates both about its products and its upcoming direction. Above is all the information that I want to introduce in this article, hope everyone has received useful knowledge.
