Magic Eden, the well-known NFT cross-chain trading platform, is undergoing a major change. On Monday, the company announced that it will open source its mining and trading protocols in collaboration with a new non-funcible DAO. The move is part of Magic Eden’s broader strategy to decentralize its platform and empower the NFT community.

In addition to open access to its protocols, Magic Eden also plans to launch a crypto-token called “NFT” to reward NFT traders. The Non-Fungible DAO will distribute the NFT token to users who actively participate in Magic Eden’s ecosystem, including those who utilize the marketplace and mining protocols on different blockchains.

Magic Eden CEO Tiffany Huang emphasized that the NFT token will be awarded to users who operate protocols regulated by the Non-Fungible DAO. While specific details of the token launch, such as the blockchain it will run on and the distribution of the token, have yet to be revealed, Huang confirmed that users of Magic Eden protocols will receive the NFT token.

Along with the launch of the NFT token, Magic Eden is also expanding its existing Diamonds rewards program to all four blockchains it currently supports; Solana, Ethereum, Bitcoin and Polygon. The Diamonds program provides users with rewards for completing quests and interacting with the Magic Eden marketplace. The new rewards program will be integrated into the Magic Eden wallet, which is scheduled to launch soon.

Huang described the Diamonds model and the NFT token issue as “parallel paths” for rewards trading, with the Diamonds program set to continue indefinitely. Magic Eden aims to create a sustainable rewards system that will benefit both NFT traders and the community at large.