The NFT token drop will benefit Magic Eden’s Bitcoin Ordinals traders, along with those on Ethereum and Solana.
Notably, the forthcoming airdrop of the ‘NFT’ token by the Non-Fungible DAO will be given to the Bitcoin Ordinals traders on the Magic Eden marketplace – past, present, and future.
The Non-Fungible DAO announced these details in a tweet on March 7, 2024, stating that users of the Magic Eden-developed, open-source MSigner – which allows traders to sign Partially Signed Bitcoin Transactions (PSBTs) to execute Ordinals transactions – will get rewarded in the coming token airdrop.
Based on a tweet from the DAO, over 75 million PSBTs have been signed to date using MSigner, with at least 1.3 million Ordinals swaps on this marketplace. The DAO also commented that it “[looks] forward to supporting any platforms who wish to adopt MSigner,” which means that traders on other marketplaces that decide to use the technology might benefit from the airdrop.
The NFT token was launched in January 2024, with the DAO highlighting it in a tweet as a “community-owned, decentralized organization on a mission to develop and drive adoption of the protocols that will power the future of NFT commerce.”
So far, Non-Fungible DAO has been closely linked to Magic Eden. Right now the marketplace is considered the leading cross-chain marketplace by trading volume. Magic Eden stated that it will open-source and provide its different NFT minting and trading technologies to the DAO. On that note, the DAO aims to reward users of these protocols through the token airdrop.
Today, the list of protocols includes MSigner on Bitcoin, together with Magic Eden’s Ethereum launchpad contract and its Solana marketplace and collection offers/automated market maker smart contracts. The DAO had previously highlighted its plans to reward Bitcoin Ordinals traders that utilize the MSigner technology, but had not offered supporting details around it.
Demand for non-fungible tokens has been surging recently amid rising crypto prices, and March 4’s $16 million sale of a CryptoPunk, the fifth-most expensive NFT sale to date, put an exclamation point on this trend.
However, the top general NFT marketplace in the past several days is not the same one that ruled the pile as recently as mid-February, as the tides of the marketplace wars have shifted ice more. And the most recent startup to take the throne can credit Bitcoin Ordinals for most of the shake-up.
What Is The Non-Fungible DAO?
The team behind the token is yet to reveal their identity, and Magic Eden insists that it is an entirely separate team. Magic Eden General Manager Tiffany Huang told reporters in January that the DAO was led by a team of people who have previously launched many other tokens. For now, no timeline has been set for the NFT token launch.
