Magic Eden Reveals Rewards Program, Cross-Chain Wallet & Open Source Protocols

BY Lorepunk

January 22, 2024

Today (Jan. 22), Magic Eden made three major announcements as part of what it called, in a press release, its “quest to grow the world of NFTs.”

These are the unveiling of its new rewards program, the global release of its cross-chain wallet, and a commitment to open-source and contribute major parts of its code, including its marketplace protocols, to the new community-owned, NFT-adoption-focused NonFungible DAO.

At first glance, a wallet, rewards, and open-sourcing code might seem like an unusual array of news from the rapidly growing Magic Eden. To the team, they’re all part of a singular mission to expand the NFT space’s adoption—and market size.

“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 Co-Founder and Chief Operating Officer Zhuoxun ‘Zedd’ Yin said in a statement. 

User Rewards

Starting today, its new enhanced rewards program is live on the Solana blockchain.

The rewards platform, which will also be rolled out soon to ETH, Bitcoin, and Polygon, will offer quests to reward members and include perks for collectors and creators.

“At Magic Eden, we believe in making digital ownership universal…The opportunity is enormous, and we are realizing this vision by expanding our products—the marketplace, wallet, rewards—across multiple chains and ecosystems.”

Zhuoxun Yin, Magic Eden co-founder

With over 100,000 daily wallet connections to Magic Eden, according to its own statistics, the potential value of community rewards from using its platform poses a direct challenge to Blur, which has commanded the lead in marketplace ETH mainnet volume since it launched its incentive campaign.

Open Sourcing Magic Eden’s Tools

To Yin, putting Magic Eden’s tools behind the newly-formed Non-Fungible DAO is part of a far-sighted plan to make NFTs part of the global landscape.  “This is a long-term bet, which is why we are so excited about the formation of Non-Fungible DAO and the power of open-source, community-controlled software to dramatically grow the ecosystem,” he said.

To make the software open-source means that some of Magic Eden’s core protocols—including the tools and contracts that make the marketplace work—will be free for anyone to use, adapt and share.

The Non-Fungible DAO will administer the software—and aims to further the adoption and progress of NFTs via a planned $NFT token.

A Cross-Chain Wallet

Since late 2023, Magic Eden has beta-tested its new self-custody wallet, allowing users to swap instantly between cryptocurrencies, including Bitcoin, Solana, Ether, and Polygon. Designed to provide a speedy, frictionless experience to NFT collectors trading on multiple blockchains, the wallet is the first to be directly integrated with Magic Eden.

A look at Magic Eden’s new cross-chain wallet. Credit: Magic Eden

The wallet, which will be available worldwide by the end of January, will also offer opportunities for its users to earn rewards.

With over $1.9 billion in secondary trading volume since its 2021 founding, Magic Eden started as a Solana-focused marketplace and branched out into ETH NFTs and Bitcoin Ordinals.

The promise of rewards from using their cross-chain wallet could draw users away from MetaMask and Rainbow, which recently launched its own rewards campaign, as well as from Solana wallets like Phantom and Ordinals wallets such as xVerse.

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