Bitcoin Ordinals Traders on Magic Eden Will Get NFT Token Airdrop - Decrypt
03/07/2024 16:20
The “NFT” token drop will benefit Magic Eden’s Bitcoin Ordinals traders, along with those on Solana and Ethereum.
The upcoming airdrop of the “NFT” token by the Non-Fungible DAO will be offered to Bitcoin Ordinals traders on the Magic Eden marketplace—past, present, and future.
The Non-Fungible DAO announced the details in a tweet on Thursday, saying that users of the Magic Eden-developed, open-source MSigner—which lets traders sign Partially Signed Bitcoin Transactions (PSBTs) to conduct Ordinals transactions—will be rewarded in the upcoming token airdrop.
According to a tweet from the DAO, more than 75 million PSBTs have been signed to date using MSigner, with over 1.3 million Ordinals swaps on the marketplace. The DAO added that it “[looks] forward to supporting any platforms who wish to adopt MSigner,” suggesting that traders on other marketplaces that choose to utilize the tech could potentially benefit from the airdrop.
The NFT token was announced in January, with the DAO describing 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.”
Great news for ALL Ordinals lovers! We're proud to remind you that $NFT will be rewarded to people for their past, present, and future usage of msigner, an open-source Ordinals Partially Signed Bitcoin Transaction (PSBT) signer library powering @MEonBTC, the top Ordinals… pic.twitter.com/zTsdmekXXs
— Non-Fungible DAO (@Non_FungibleDAO) March 7, 2024
So far, the Non-Fungible DAO has been closely associated with Magic Eden. And right now the marketplace is currently the leading cross-chain marketplace by trading volume. Magic Eden said that it will open-source and give its various NFT minting and trading technologies to the DAO, and the DAO then plans to reward users of those protocols via the token airdrop.
Currently, that list of protocols includes MSigner on Bitcoin, along with Magic Eden’s Ethereum launchpad contract and its Solana marketplace and collection offers/automated market maker smart contracts. The DAO had previously revealed plans to reward Bitcoin Ordinals traders that use the MSigner tech, but had not provided supporting details around it.
What is the Non-Fungible DAO, though? The people behind the token have yet to reveal themselves, and Magic Eden insists that it's a separate team. Magic Eden General Manager Tiffany Huang told Decrypt in January that the DAO was led by a team of people who have “historically launched different tokens.”
No timeline has been announced for the NFT token launch. Decrypt reached out to the DAO for clarification on which chain(s) the token will be minted on, but did not immediately receive a response.
Edited by Stacy Elliott.