Magic Eden, a cross-network marketplace for non-fungible tokens (NFTs), has announced its intention to expand its diamond rewards program to Ethereum NFT holders. The long-awaited NFT incentive program is expected to commence on March 13, 2024.

Launched in 2021, Magic Eden serves as a digital asset marketplace platform where users can discover, trade, and create collections of non-fungible tokens. Originally operating as an NFT marketplace on the Solana blockchain, Magic Eden has since expanded its operations to other blockchains, including Ethereum, Polygon, and Bitcoin.

Since its inception, Magic Eden has grown into one of the largest NFT trading platforms, boasting over 8000 collections, a secondary trading volume of around $1.9 billion, and over 22 million unique visitors per month. In June 2022, Magic Eden secured $130 million in a Series B funding round, with the market value of NFTs reaching approximately $1.6 billion.

At the end of last month, Magic Eden launched the Diamonds rewards program for NFT holders on the Solana blockchain. The number of earned Diamond tokens determined the quantity of rewards and the amount of future payouts. Additionally, the number of diamonds also depended on the overall trading volume. Users could further increase their diamond holdings by purchasing their own listings on the platform.