Recently, Non-Fungible DAO announced on X the purpose of launching the $NFT token. Accordingly, $NFT will be seen as a token representing the entire NFT industry, aiming to eliminate investment barriers for traditional investors. The Tweet argued that the NFT concept is still too novel compared to the world’s population of 8.1 billion, with only 16 million out of 5 billion social media users ever owning an NFT.
Investing in a JPEG image and expecting its value to increase in the future remains a challenging proposition for traditional investors. If the $NFT token can serve as a representative symbol, people might find it easier to accept buying the token rather than investing in a specific NFT project.
First introduced on January 22, 2024, by Magic Eden – the world’s largest cross-chain NFT marketplace, $NFT is predicted to be a significant advancement in the industry. The article will provide some information about Magic Eden and Non-Fungible DAO.
1. About Magic Eden
Magic Eden is a leading NFT marketplace predominantly associated with the Solana blockchain, providing a platform for users to buy, sell, and trade unique digital assets. It distinguishes itself through a strong community focus, engaging users directly in its development and decision-making processes. Magic Eden has expanded its offerings beyond Solana, incorporating Ethereum, Polygon and Bitcoin, thereby broadening its user base and market reach.
In addition to buying and selling activities like placing bids or listings, Magic Eden also offers various other services such as Launchpad, Gaming, and even an auction feature on its platform.
The project has raised a total of $159.5M through three funding rounds: Seed, Series A, and B, with participation from leading investment firms such as Paradigm, Electric Capital, Sequoia Capital, Lightspeed Venture Partners, Solana Ventures, Variant, etc. In the most recent round on June 21, 2022, Magic Eden was valued at $1.6 billion. More information about the latest funding can be found at techcrunch.com.
2. About Non-Fungible DAO
On January 22, the X Non-Fungible DAO account was launched. On the same day, Magic Eden also announced it would open-source its Smart Contracts on the Solana, Bitcoin, Ethereum, and Polygon markets, and control of the protocol would belong to the Non-Fungible DAO.
The DAO will be managed by the owners of the $NFT token (note that the NFT token has not yet been launched on the market). The majority of the $NFT token supply will be distributed to the community, and users can earn it by using transactions owned by the Non-Fungible DAO (specifically, Magic Eden).
To elaborate further, Non-Fungible DAO will reward users who have used and are currently using the following specific features:
- M2 – Solana marketplace contract developed by Magic Eden
- MMM – Solana collection offers/AMM contract developed by Magic Eden
- MSigner – Bitcoin Ordinals PSBT signer library developed by Magic Eden
- ERC721M – ETH Launchpad contract by Magic Eden
This is an interesting case study on the token launch being more decentralized and community-focused. Currently, Magic Eden’s Retroactive program is being converted into diamonds, and it is believed that these diamonds will be exchanged for $NFT at a certain rate. Currently, in the pre-market, each diamond is being traded at an average price of $0.05, reaching over $1M in volume, indicating significant community interest in $NFT in the upcoming period.
The information provided in this article is for reference only and should not be taken as investment advice. All investment decisions should be based on thorough research and personal evaluation.
