Solana NFT Marketplace Magic Eden To Do Airdrop and Launch DAO

February 22, 2022 10:35 pm

The popular NFT marketplace Magic Eden has recently become the top place for NFT buyers within the Solana ecosystem and directly competes against the OpenSea marketplace that is on Ethereum.

Recently, Magic Eden has announced that they will also be expanding their services and will be creating a DAO to further facilitate future development of the platform on Solana.

The plan is that this would be beneficial in the long run as it would provide additional benefits to supporters and expand the project’s ecosystem.

In addition to the launch, a NFT airdrop will also be held where anywhere from 25,000 to 30,000 NFT membership passes will be distributed among the community.

The event is expected to attract a lot of attention to the Solana ecosystem for NFTs as opposed to Ethereum.

DeCrypt.co reports:

Magic Eden will launch MagicDAO, a DAO designed to further development on the platform, provide benefits to supporters (including exclusive event access), and expand the project’s ecosystem over time.

DAOs have recently become a popular way to organize online communities, often governed by their own cryptocurrencies or tokens, and work toward a common goal.

Beginning today, Magic Eden will airdrop between 25,000 and 30,000 Magic Ticket NFTs to existing users of the marketplace.

Each ticket will work like a membership pass for the DAO community, including access to a gated channel on Magic Eden’s Discord server.

Users who qualify for the airdrop will be distributed a unique NFT collectible based on which group they fall into, and Magic Eden said that it will prioritize giving the NFTs to still-active users who have transacted on the marketplace within the last month.

As for how MagicDao would operate, members would essentially vote on the NFT projects that they displayed on the marketplace and advise on how the funds should be used.

The company hopes that MagicDao will eventually help create a stronger NFT community on the Solana blockchain and help it gain an advantage over other markets like Solsea and Solanart.

As of right now, it is the 12th largest market when measured by 24-hour NFT sales volume statistics.

When it comes too all-time sales, the NFT market is considered the 6th largest and has an all-time sales volume of approximately $704 million.

News.bitcoin.com reports:

“Magic DAO’s purpose is to work together with our community to create a stronger Solana NFT ecosystem,” the team’s blog post on Tuesday details.

“Of course, we have a vested interest in the health of Magic Eden as a platform. However, we think that as a platform, we have the opportunity to make the ecosystem better.”

While giving 4,000 NFT to active wallets, Magic Eden’s team also noted it was airdropping NFTs on Tuesday and on Wednesday, February 23 as well.

“This will conclude our first drop. By the nature of what we’ve described, we do not have a final # for a set quantity,” the Magic Eden team’s blog post discloses.

Soon, or in the “next two weeks,” Magic Eden will have a dedicated treasury wallet to fund initiatives.

Investors are hoping that the success of this new imitative will allow the Solana ecosystem to continue to gain market share in the emerging NFT space.

As of now, OpenSea is still the largest NFT marketplace and is currently built on the Ethereum blockchain.

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