The Non-Fungible DAO to Airdrop NFT Token to Bitcoin Ordinals Traders on Magic Eden
The Non-Fungible DAO has announced that it will be offering an airdrop of its “NFT” token to Bitcoin Ordinals traders on the Magic Eden marketplace. The airdrop will be available to past, present, and future users of the open-source MSigner developed by Magic Eden. This technology allows traders to sign Partially Signed Bitcoin Transactions (PSBTs) for Ordinals transactions.
Details of the Airdrop
The Non-Fungible DAO revealed the details of the airdrop in a tweet on Thursday. Here are the key points:
- The airdrop will reward users of MSigner with the upcoming NFT token.
- Over 75 million PSBTs have been signed using MSigner so far.
- There have been more than 1.3 million Ordinals swaps on the Magic Eden marketplace.
- The DAO is open to supporting other platforms that choose to adopt MSigner.
About the NFT Token and the Non-Fungible DAO
The NFT token was introduced by the Non-Fungible DAO in January. According to a tweet from the DAO, it is a “community-owned, decentralized organization on a mission to develop and drive adoption of the protocols that will power the future of NFT commerce.”
Magic Eden’s Collaboration with the Non-Fungible DAO
Magic Eden has been closely associated with the Non-Fungible DAO and is currently the leading cross-chain marketplace in terms of trading volume. The marketplace has committed to open-sourcing its NFT minting and trading technologies for the DAO. In return, the DAO plans to reward users of these protocols with the upcoming token airdrop.
Supported Protocols for the Airdrop
The list of protocols that will be eligible for the token airdrop includes:
- MSigner on Bitcoin
- Magic Eden’s Ethereum launchpad contract
- Magic Eden’s Solana marketplace and collection offers/automated market maker smart contracts
About the Non-Fungible DAO
The team behind the Non-Fungible DAO has chosen to remain anonymous. While closely associated with Magic Eden, they are considered a separate team. According to Tiffany Huang, General Manager of Magic Eden, the DAO is led by individuals who have previously launched different tokens.
Token Launch Details
No specific timeline has been provided for the launch of the NFT token. The chain(s) on which the token will be minted have not been disclosed either. Decrypt reached out to the DAO for more information but did not receive an immediate response.
Hot Take: Opportunities for Bitcoin Ordinals Traders on Magic Eden
Bitcoin Ordinals traders on the Magic Eden marketplace have an exciting opportunity ahead with the upcoming airdrop of the NFT token by the Non-Fungible DAO. Here’s what you need to know:
- The airdrop will reward traders who use MSigner, an open-source technology for signing Partially Signed Bitcoin Transactions (PSBTs).
- Over 75 million PSBTs have already been signed using MSigner, indicating its popularity and widespread adoption.
- The DAO is open to supporting other platforms that choose to adopt MSigner, potentially extending the benefits of the airdrop to traders on those platforms as well.
- The NFT token, introduced by the Non-Fungible DAO, aims to drive adoption of protocols that will shape the future of NFT commerce.
- While the exact timeline and minting chain(s) for the token are yet to be announced, this development presents an exciting opportunity for Bitcoin Ordinals traders on Magic Eden.
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