In late January, Magic Eden, an NFT marketplace, introduced its rewards program after a year of meticulous planning. The program, referred to as the Diamond rewards program, aims to give back to Magic Eden’s original users, collectors, and creators. It operates on a points basis, promising airdrop tokens to participants. These rewards will be distributed across all the chains where the marketplace operates, including Solana, Ethereum, Polygon, and Bitcoin.
Simultaneously, the startup is launching an NFT token named $NFT in collaboration with the Non-Fungible DAO. These tokens will be allocated to traders based on their historical usage of specific open-source contracts developed by Magic Eden, such as the M2 marketplace and MMM launchpad. As a governance token, $NFT will afford holders the right to propose and vote on decisions within the Magic Eden protocol.
The Diamond rewards program encourages both existing and new users to earn diamonds by engaging in various activities on the marketplace, such as purchasing, listing, and making offers. Accumulating more diamonds leads to increased rewards during the airdrop event.
Rewarding the Community
The launch of the Diamond Rewards Program represents a culmination of Magic Eden’s year-long efforts in designing a comprehensive, long-term rewards system tailored for NFT enthusiasts. With a focus on giving back to its original users, collectors, and creators, the program is meticulously crafted to provide incentives for engagement and participation within the Magic Eden ecosystem.
A Cross-Chain Approach
One of the distinguishing features of the Diamond Rewards Program is its cross-chain compatibility, allowing users to earn rewards across multiple blockchain networks, including Solana, Ethereum, Polygon, and Bitcoin. This strategic initiative not only enhances accessibility but also underscores Magic Eden’s commitment to fostering inclusivity within the rapidly expanding NFT landscape.
Introducing the $NFT Token
In conjunction with the rewards program, Magic Eden has introduced the $NFT token in collaboration with the Non-Fungible DAO. This token will be allocated to traders based on their historical usage of specific open-source contracts, such as the M2 marketplace and MMM launchpad, both developed by Magic Eden. Serving as a governance token, $NFT empowers holders with proposal-making and voting rights within the Magic Eden protocol, further amplifying community engagement and decentralized decision-making.
Earning Diamonds and $NFT
Both existing and new users of Magic Eden can participate in the Diamond Rewards Program by engaging in various activities such as purchasing, listing, and making offers on the marketplace. The accumulation of diamonds directly correlates to the magnitude of rewards during the forthcoming airdrop, incentivizing active participation and fostering a vibrant and thriving community of NFT enthusiasts.
Empowering NFT Enthusiasts
Magic Eden’s unveiling of the Diamond Rewards Program and $NFT token signifies a concerted effort to empower and incentivize NFT enthusiasts across different blockchain networks. By embracing a cross-chain approach and introducing innovative reward mechanisms, Magic Eden reaffirms its commitment to driving innovation, inclusivity, and community engagement within the dynamic and rapidly evolving NFT ecosystem.
