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 allows traders to 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 using MSigner to date, with more than 1.3 million Ordinals swaps in the market. The DAO added that it “[looks] I look forward to supporting all platforms looking to adopt MSigner,” suggesting that merchants on other marketplaces who choose to use the technology may be able to benefit from the airdrop.
The NFT token was announced in January, with the DAO describing it in a tweet as a “decentralized, community-owned organization on a mission to develop and adopt the protocols that will shape the future of NFT trading encourage.”
Good news for ALL Ordinals lovers! We are proud to remind you that $NFT will be rewarded to people for their past, present, and future use of msigner, an open-source Ordinals Partially Signed Bitcoin Transaction (PSBT) signing library that powers @MEonBTC, the best Ordinals … pic .twitter.com/zTsdmekXXs
— Non-Fungible DAO (@Non_FungibleDAO) March 7, 2024
So far, the non-fungible DAO is closely tied to Magic Eden. And right now, the marketplace is currently the leading cross-chain marketplace in terms of trading volume. Magic Eden said it will be open source and give its various NFT coin 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 the Solana marketplace and collection offerings/automated smart contracts for market makers. The DAO had previously revealed plans to reward Bitcoin Ordinals traders who use the MSigner technology, but had not provided any supporting details about it.
However, what is the non-fungible DAO? The people behind the token have yet to reveal themselves, and Magic Eden insists they are a separate team. Magic Eden general manager Tiffany Huang shared Declutter in January that the DAO was led by a team of people who “have historically launched several tokens.”
No timeline has been announced for the launch of the NFT token. Declutter reached out to the DAO for clarification on the chain(s) the token will be minted on, but did not immediately receive a response.
Edited by Stacy Elliott.