The Solana-based NFT marketplace Magic Eden (ME) announced through a Twitter thread that it is going to create DAO and airdrop NFT called ‘Magic Ticket’ to its existing users’ active wallets. The official blog post by ME specified how MagicDAO will be funded.
In Brief:
- MagicDAO is funded with 1k SOL, 5% Magic Ticket Royalties, and 2% of transaction fees on the token.
- Magic Tickets bifurcated into OGs, Degens, and Normies.
It began with 1,000 SOL as an initial investment. Then, 5% of creator royalties on secondary sales and 2% of token Magic Ticket trading fees will be used to fund DAO. That is, the creation of the DAO will not be token-based. It is through Magic Ticket NFT that it will be funded.
The purpose of MagicDAO is to continue platform development, provide benefits to supporters and gradually expand the project’s ecosystem.
“MagicDAO’s purpose is to work together with our community to create a stronger Solana NFT ecosystem,” the blog post read.
Other perks of MagicDAO will include:
- Members will be allowed to vote on which NFT projects to feature on the marketplace’s homepage – curate the homepage.
- They will be allowed to participate in a hacker challenge to create marketplace tools.
- Get exclusive perks for the NFT LA event in Los Angeles in late March
ME created three levels of Magic Tickets to develop various experiences that will be the most beneficial to various groups in our community (different objectives are discussed below). They were:
- OGs – people who first transacted on ME from Sep 17 – Oct 17
- Degens – people who first transacted on ME between Oct 18 – Dec 18
- Normies – people who first transacted on ME Dec 19 onwards
Each Magic Ticket will operate as a DAO community membership pass, granting access to a private channel on Magic Eden’s discord server. And, each level of the ticket will include different objectives. For example:
For OGs, it will be to build better tools for the NFT marketplace or champion stronger projects while; for Degens and Normies, it will be to learn to trade and make friends respectively.
Further, Magic Eden stated that it will prioritise giving the NFTs to still-active users who have transacted on the marketplace within the last month.
Magic Eden’s team also stated that it has already airdropped NFTs giving 4,000 NFT to active wallets.
“This will conclude our first drop. By the nature of what we’ve described, we do not have a final # for a set quantity,” the announcement says referring to ongoing airdrops till the 23rd of February.
That’s right!
Users will be required to link an email address and a Discord account to their Solana wallet. As a result, the project will “ensure that the Magic Ticket is going to real people who enjoy transacting on Magic Eden.”
Moreover, Magic Ticket NFTs will not be used as a governance token by users. Magic Eden team members and community leaders will manage the project’s budget and advisor selection, though the process may change over time.
Developments in the crypto world are intricate. Especially when one element is matched with another like DeFi and NFT with Metaverse. It can get difficult to catch up on everything and make informed decisions, but we have got you! Keep yourself updated and don’t miss any updates by subscribing to cryptotimes.io.
