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Non-fungible token (NFT) marketplace Magic Eden has rolled out an incentivization scheme for its collectors, and creators.
Magic Eden to Give Back to Contributors
For a long time, Magic Eden has channeled effort and resources into designing a long-term cross-chain NFT reward program. The scheme aims to give back to contributors to the ecosystem. Magic Eden plans to launch the rewards program on the Solana network as a way of celebrating the vibrant community.
Based on the plan, the incentivization program will commence as from February 2nd with a Retroactive Diamond Drop that will account for all activities as far back as 2021 when the marketplace was conceived. Specifically, the platform promises to honor all past, present, and future activity on its marketplace across Solana, Bitcoin, Ethereum, and Polygon.
Magic ticket owners will also be incorporated into the program but not much has been said concerning the modalities. At the same time, users are encouraged to use the NFT marketplace every day rather than buy Magic tickets to stand a better chance of getting rewarded.
Introducing Magic Eden Rewards
We’ve spent the last year designing a long term, cross-chain NFT rewards program built for everyone. This isn’t just another points campaign. It’s a meticulously crafted plan to give back to Magic Eden’s OGs, collectors, creators, and degens alike.… pic.twitter.com/RQkJpoZEvi
— Magic Eden 🪄 (@MagicEden) January 23, 2024
The NFT marketplace has always been a pro-incentivization marketplace as CEO Jack Lu once pointed out that royalty enforcing NFTs might soon be a norm in the industry. To achieve its grand visions, the firm has been inking partnerships with defined funding.
Also, the team is working on having the Magic Eden Wallet go live soon. Once this is done and the integration of rewards directly into the wallet is successful, users will begin to bag incentives in Diamonds from there as well.
“You’ll get Diamonds the more you use Magic Eden, and then you’ll get NFT the more you use Magic Eden,” Magic Eden General Manager Tiffany Huang explained. “But there’s not a direct correlation between Diamonds and the token. They’re two separate programs.”
The Push for Open Source
Magic Eden is trying to achieve its long-term goal of being 100% open source with IP governed by the community. Noteworthy, no specific details have been announced concerning the exact timing or the token allocation.
Magic Eden is working on bridging the gap between NFTs and the masses. Most people do not own NFTs and this is the challenge that the cross-chain NFT marketplace plans to address. At the same time, it is worth noting that this could also be part of a competition for dominance amongst NFT marketplaces, a rivalry that has become rampant in recent times.
In December, top NFT marketplace OpenSea was in strong competition with BLUR as the latter dominated the marketplace by more than 80%.
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