NFT Platform Magic Eden Transforms into Non-Fungible DAO

The NFT platform Magic Eden has announced the transfer of all its resources to Non-Fungible DAO, an organization set to release a token named NFT.

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.

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.

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.

Related: NFT Marketplace Tabi Launches Tabi Chain

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