NFT REVIEW Magic Eden Enhances Wallet, Rewards, and Open Protocols

Magic Eden, a leading NFT platform and marketplace, recently announced the global launch of an upgraded rewards program and a new cross-chain wallet. This development is part of their effort to enhance the NFT ecosystem and cater to cross-chain collectors.

Magic Eden Rewards

The updated Magic Eden Rewards program, now live on Solana, will soon extend to Ethereum, Bitcoin, and Polygon. This expansion aims to facilitate ease of use across different blockchains and benefit all user types, including collectors and creators. Furthermore, the rewards program has been upgraded to provide universal perks, catering to both collectors and creators. Its latest iteration features quests that are inclusive of every community member, whether they’re existing community members or just joining.

Contributing to Non-Fungible DAO for Industry Growth

To foster industry growth, Magic Eden plans to contribute to Non-Fungible DAO. This community-led organization focuses on promoting NFT adoption and development through the $NFT token, which is slated for release ‘SOON’.

Magic Eden intends to make its major protocols open-source and contribute them to the Non-Fungible DAO. These protocols include their marketplace across various chains, creating opportunities for collaboration and innovation within the NFT ecosystem.

Cross-Chain Wallet: Streamlining NFT Collecting and Trading

Magic Eden is also expanding the availability of its cross-chain, self-custody wallet. Initially released in late 2023 to select users, this wallet allows instant cryptocurrency swaps among Bitcoin, Solana, Ethereum, and Polygon.

To encourage users to use their cross-chain wallet, Magic Eden will soon offer rewards for users who collect and trade NFTs. This feature aims to enhance the user experience and provide additional benefits for Magic Eden community members.

The desktop browser extension and wallet will be globally available by the end of January, making it easier for users worldwide to access the cross-chain wallet and enjoy its features.

Commitment to Digital Ownership and Community-Driven Software

Zhuoxun ‘Zedd’ Yin, Magic Eden’s Co-Founder and COO, emphasized the company’s commitment to making digital ownership widespread. They envision a future where owning and trading NFTs is accessible to everyone. He said, “At Magic Eden, we believe in making digital ownership universal. That means making NFTs, in whatever form, a ubiquitous underlying technology. The opportunity is enormous and we are realizing this vision by expanding our products – the marketplace, wallet, rewards – across multiple chains and ecosystems.”

Magic Eden believes in the power of community-driven software to expand the NFT ecosystem. By making their major protocols open-source and contributing them to Non-Fungible DAO, they hope to fuel growth and innovation within the industry. 

This commitment to making digital ownership universal is evident in their expansion of Magic Eden Rewards and other initiatives. By striving to promote NFTs as a universal technology, they are helping to set the new standard for digital ownership and accessibility in the evolving world of blockchain and NFTs.