NFT Marketplace ‘Magic Eden’ to Airdrop Tokens for its Coming DAO

NFT Marketplace ‘Magic Eden’ to Airdrop Tokens for its Coming DAO
NFT Marketplace ‘Magic Eden’ to Airdrop Tokens for its Coming DAO

Magic Eden, the most important NFT market on the Solana ecosystem, has begun an airdrop of its Magic Ticket NFTs in preparation for the launch of its new DAO.

Via Tues: airdropping to energetic wallets (in final month) who related e-mail / discord by immediately

Wed: airdropping to energetic wallets from final month who join e-mail / discord by EOD tmr

That would be the finish of our 1st drop

If you cannot join e-mail/discord, refresh or DM us

— Magic Eden 🪄 Solana’s Main NFT Market (@MagicEden_NFT) February 22, 2022

feeling one thing within the air…drop

— Magic Eden 🪄 Solana’s Main NFT Market (@MagicEden_NFT) February 22, 2022

The airdrop will present recipients with entry to the approaching DAO, known as MagicDAO. Magic Eden stated the brand new DAO would assist strengthen the broader Solana NFT ecosystem and permit its neighborhood to assist information future enlargement:

Since its launch in September 2021, Magic Eden has quickly grown to grow to be the dominant NFT market on the Solana community. In its first 5 months, Magic Eden has already attracted over 410,000 customers and racked up over US$700 million in buying and selling quantity.

NFT Entry-Primarily based DAO

Not like most DAOs, MagicDAO doesn’t have an related token – relatively, it’s being known as an NFT-gated DAO. This mannequin makes use of NFTs, generally known as Magic Tickets, to grant membership to the DAO at certainly one of three tiers based mostly on when members made their first transaction: OGs, degens and normies. 

The assorted tiers will give members a spread of rights within the DAO and entry to completely different perks similar to free merch, entry to take part in hacker challenges, NFT assortment whitelists, and entry to on-line founder AMAs.

Governance Stays With Group For Now

Initially, governance will stay largely centralised inside the Magic Eden group with a view to growing neighborhood participation sooner or later. Members of MagicDAO will be capable of vote on much less essential points – similar to which collections to function on the homepage – however essential governance choices will proceed to be made by the group for the foreseeable future:

To start with, Magic Eden’s group shall be extra closely concerned in decision-making since we need to begin slowly and ensure MagicDAO is profitable. Over time, we hope the neighborhood will play a bigger function. 

Magic Eden assertion on MagicDAO

The seed funding for the DAO is 1000 SOL, sourced from Magic Eden charges; ongoing funding will come from a 5 % levy on creator royalties and secondary gross sales, and a couple of % of buying and selling charges on Magic Ticket.

The launch of MagicDAO follows the latest launch of OpenDAO, a DAO that goals to guard consumers and strengthen the NFT neighborhood on the Ethereum blockchain. This can be half of a bigger development, which sees the NFT market maturing and taking extra significantly its obligations to traders.

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