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Interpretation of Magic Eden’s potential airdrop plan and multi-chain NFT experience

Read this article in 8 Minutes

Using Magic Eden, $NFT will be airdropped in the future.

Original Title: "Magic Eden's Master Plan"

Original Author: TPAN

Original Translation: Deep Tide TechFlow

This article discusses Magic Eden's latest reward program and its larger vision behind it. Although there are many similar reward programs emerging in the market, Magic Eden's update is not limited to the rewards themselves, but also involves the unification of its NFT market on multiple chains such as Solana, Bitcoin, Ethereum, and Polygon, as well as the open sourcing of smart contracts. The core of this reform is to achieve market and user experience unification through $NFT tokens and the Magic Eden wallet, as well as a more powerful business model.

Magic Eden has improved their reward program

I know that some of you (maybe all of you) may have become tired of topics such as points, rewards, and airdrops. Although today's article involves Magic Eden's rewards, it is not the main focus of the article.

I myself find it difficult to keep up with all the new plans being launched. For example, Rabby (a wallet provider) is launching a loyalty program to compete with the loyalty program launched by Rainbow last month, with the aim of taking market share from Metamask (which currently has no airdrop or loyalty system), a market giant.

So, what did Magic Eden's new reward program do, and how did this title conceal Magic Eden's larger vision? We need to look at the announcement in chronological order.

Before this, if you are not familiar with Magic Eden, please click here to learn more.

Magic Eden launches Non-Fungible DAO

Yesterday, Magic Eden announced the launch of a Non-Fungible DAO (NFT DAO).

In short:

· Magic Eden will open source its smart contracts on the Solana, Bitcoin, Ethereum, and Polygon markets. Magic Eden will transfer control of the protocol to a non-fungible DAO.

· This DAO will be governed by $NFT token holders (currently not yet online).

Most of the supply of $NFT tokens will be distributed to the community, and users can obtain them by using the protocol owned by the non-fungible DAO.

· In plain language: Use Magic Eden and receive a future $NFT airdrop.

4 hours later

Approximately 4 hours later, Magic Eden released a teaser video, reaffirming the market's multi-chain functionality and partnerships. This is an interesting video that you can go and watch. Two frames in the video caught my attention:

1. Multiple famous NFT collections on different blockchains are displayed side by side.

2. Magic Eden wallet is showcased. This was announced a few months ago, and is currently in the testing phase and awaiting release.

24 Hours Later

About a day later, Magic Eden shared details about its improved reward program. This added more background to the earlier announcement about non-fungible DAOs and $NFTs.

In short:

1. The new reward program will be cross-chain and will launch on Solana on February 2nd.

2. Rewards are traceable and apply to historical activities on the reward platform.

3. Holders of Magic Tickets will also receive rewards. Magic Tickets are an NFT series that grants access to MagicDAO, a similar early attempt that may not have been best prepared for their ambitions. As we have seen, it has now been incorporated into a broader reform.

4. By using Magic Eden, you will receive more diamonds (assuming that diamonds will be converted into $NFT at some point).

This is a major announcement! However, in the excitement brought by this incentive plan, I feel that something is not quite right. As I was reviewing a series of announcements and preparing for this section of Magic Eden, I was unsure how to interpret them. Everyone is excited, but what does it all mean? The focus is on airdrops and tokens, which is big news.