On Tuesday, the Solana-based non-fungible token (NFT) marketplace Magic Eden announced the project is airdropping NFT tickets to existing Magic Eden users and plans to form a decentralized autonomous organization (DAO). On February 21, the Magic Eden project airdropped around 4,000 NFTs to active wallets, and the following day the team announced the DAO roadmap.
The Magic Ticket Airdrop and DAO
According to the developers of the Solana-based Magic Eden NFT marketplace, a DAO is in the making and the fundamentals behind the change. The team detailed that it started distributing thousands of NFTs to active wallets. Magic Eden (ME) developers created three levels of “Magic Tickets,” which includes “OGs – people who first transacted on ME from Sep 17 – Oct 17,” “Degens – people who first transacted on ME between Oct 18 – Dec 18,” and “Normies – people who first transacted on ME Dec 19 onwards.”
The Magic DAO has three fundamentals which include:
A mission and set of rules to which will operate
Funding and treasury that can be used to fund and reward certain activities
Voting rights to establish operation rules and make key decisions
Magic Eden is a popular NFT market and 24-hour statistics indicate it’s the 12th largest market by NFT sales volume, according to dappradar.com. Metrics further show the Solana-based NFT marketplace Magic Eden is the sixth largest, in terms of all-time sales volume with $704.15 million.
The NFT market has seen 411,539 traders and the average NFT price on ME today is $291.16 or roughly 3.40 solana (SOL). Magic Eden’s the top Solana NFT marketplace as well as it competes with markets like Solanart and Solsea. According to the developers, Magic Eden’s newly announced DAO aims to empower the ME community.
“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.
What do you think about Magic Eden’s Magic Ticket NFT airdrop and the project forming a decentralized autonomous organization (DAO)? Let us know what you think about this subject in the comments section below.