NFT Platform Magic Eden Transforms into Non-Fungible DAO

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Announcement: NFT Platform Magic Eden Transforms into Non-Fungible DAO

In a surprising move, the NFT trading platform Magic Eden has announced plans to centralize its entire operations, open-source all technology, and transfer all transaction protocols and NFT issuance to another organization.

This organization is named Non-Fungible DAO, a decentralized community-centric entity with a mission to promote projects in the NFT space.

Decentralization is essential to the global adoption of NFTs. Magic Eden will be open-sourcing and contributing all of its NFT trading and minting protocols to Non-Fungible DAO. https://t.co/5gUzwqdDnh

— Magic Eden 🪄 (@MagicEden) January 22, 2024

Initially, Non-Fungible DAO will assume management rights over Magic Eden and oversee NFT trading activities on supported blockchains, including Solana, Ethereum, Polygon, and Bitcoin.

Significantly, Non-Fungible DAO will decentralize governance through a token with the code NFT, enabling token holders to participate in voting on important protocol decisions. However, the tokenomics of the NFT token have not been disclosed thus far.

Non-Fungible DAO has stated that details regarding the DAO airdrop event will be revealed soon.

WEN $NFT?

SOON

Make sure to follow @Non_FungibleDAO & have notifications ON to receive all important information and updates.

— Non-Fungible DAO (@Non_FungibleDAO) January 22, 2024

In the same announcement on January 22, Magic Eden also unveiled an updated rewards program, starting on Solana and soon expanding to the other three blockchains. The platform also announced plans to implement a cross-chain crypto wallet for the NFT collector community.

The market share of Magic Eden has diminished

Magic Eden was once a leading NFT trading platform within the Solana ecosystem. However, during the downtrend period of 2022-2023, the project had to expand to other blockchains to attract additional users.

Nevertheless, Magic Eden’s market share on both Solana and Ethereum experienced a significant decline with the emergence of new-generation NFT platforms with their own tokens.

Here are the daily transaction volume statistics for NFT platforms on Solana in the past 3 months.