- NFT marketplace Magic Eden has announced cross-chain NFT rewards in partnership with a new DAO
- The rewards are a way of giving back to creators and collectors on the platform
- Magic Eden is also looking to expand its Diamond rewards program
Two months after unveiling a cross-chain crypto and NFT wallet, NFT marketplace Magic Eden is planning to offer cross-chain NFT rewards and expand its Diamond rewards program to other networks. The virtual collectibles exchange disclosed that it’s working with a new entity called Non-Fungible DAO which also has plans to launch a token to reward NFT traders. Magic Eden has noted that it’ll start with users on the Solana blockchain, something that is expected considering the marketplace is usually linked with the blockchain.
A Meticulously Crafted Plan
According to Magic Eden, the new rewards program isn’t a campaign to allocate points in a bid to attract more traders to the platform, but “it’s a meticulously crafted plan to give back” to those who have continuously stood with the platform.
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 Non-Fungible DAO will offer its token rewards to entities using projects under its management, with the NFT marketplace being one of them.
Speaking to Decrypt, Magic Eden’s general manager, Tiffany Huang, revealed that the NFT exchange is also deploying its Diamond rewards program across Bitcoin, Ethereum and Polygon, where the exchange already has a presence.
A Retroactive Diamond Drop Coming in February
The marketplace offers “diamonds” to users who “demonstrate their loyalty […] going beyond transaction volume.”
In an X (formerly Twitter) post, Magic Eden disclosed that it’s planning to reward its loyal users “going all the way back to 2021 […] with a Retroactive Diamond Drop” in early February. The marketplace noted that the best way to qualify for the rewards is to use the platform daily, a tactic that Blur used to overthrow OpenSea.
Magic Eden’s cross-chain NFT rewards add to the marketplace’s efforts to attract more users to the platform. A year ago, for example, it launched free NFTs for loyal users and held an NFT minting competition to boost activities on the platform.
Although Magic says the new rewards program isn’t looking to entice users with points, it may lead to wash trading as users hunt for more points.