Magic Eden, a renowned cross-network NFT trading platform, has announced significant changes in its operations. On Monday, the company revealed plans to open-source its minting and trading protocols as part of a collaboration with the new Non-Fungible DAO. This decision is part of Magic Eden's broader strategy to decentralize its platform and strengthen the role of the NFT community.

In addition to open-sourcing, Magic Eden intends to launch a special 'NFT' crypto token to reward active participants in its ecosystem, including users of its trading platform and minting protocols across various blockchains. Non-Fungible DAO will be responsible for distributing the token among users. Magic Eden's CEO, Tiffany Huang, emphasized that the token will be provided to those who use the protocols governed by Non-Fungible DAO. Details about the token launch, including the choice of blockchain and distribution scheme, have not yet been disclosed, but it is confirmed that Magic Eden users will receive the NFT token.

Furthermore, Magic Eden is expanding its Diamonds rewards program to include all four blockchains it supports: Solana, Ethereum, Bitcoin, and Polygon. The Diamonds program offers users rewards for completing tasks and participating in trading on the platform. The new rewards program will be integrated into the upcoming Magic Eden wallet. Huang describes the Diamonds model and the issuance of NFT tokens as two parallel paths for rewarding users, with the Diamonds program operating on a continuous basis.

Magic Eden aims to create a sustainable rewards system that will be beneficial for both NFT traders and the broader community.