MagicDAO / Magic Ticket Litepaper

More details on our MagicDAO / Magic Ticket roadmap!

Hey everyone,

Thanks so much for participating in our airdrop. We want to use this blog post to dive a little deeper into what MagicDAO is, our roadmap and how the Magic Ticket ties it all together. 

We see Magic Ticket and MagicDAO as both long term plays for Magic Eden with multi-year roadmaps. They are  our way of offering our community ways to engage with us as we build out proposals and programs that give back to the community. In the coming years, we plan to invest significant time, resources and effort into growing these  initiatives.

About our drop:

We recently finished airdropping ~30K tickets to our community. If you have questions about our drop, please visit our blog post here. For those who felt like they should have received a ticket, we hope that this article helps you out!

In total, we dropped over 30,602 tickets. Breakdown as follows:

  • OGs - 6,348 tickets (21% of the drop)
  • Degens - 7,162 tickets (23% of the drop)
  • Normies - 17,092 tickets (56% of the drop)

Are you a Magic Ticket Holder but not in our DAO yet? Watch this video now to figure out how to join!

Our Principles for Magic Ticket:

We’ve shared our guiding principles below:

  • Long term value > short term price
    • We care about long term value accrual, and not short term price action.
  • Broad accessibility > concentrated # of holders
    • Diversified holdership & accessibility. Tickets will be the key to premium features and experiences. We want those experiences to be shared by everyone  who cares about Magic Eden as a brand. Most benefits will be delivered at the user level, not the wallet level.
  • Reward ME loyalists
    • Progressively greater rewards via level: We expect to provide greater multiples of rewards based on level, with greatest reward earning potential going to OGs, then Degens, then Normies.
    • Membership in our DAO will be the primary channel in which rewards are distributed to our community. We will avoid diluting our reward programs by having multiple channels - the DAO is our primary channel of rewarding users. 
    • Our true ME loyalists are not just high spenders. We also want to reward people who contribute to Magic Eden via inputs including social contribution in the discord, governance contribution to the DAO, and ideas contributions.
    • Non Magic Ticket holders will still enjoy the experience they love today

Our Principles for MagicDAO:

MagicDAO is the platform and governance structure in which people can engage with each other and big decisions around the future of our marketplace will be made.

Magic Eden reserves the right to veto proposals if they fulfill any of the following categories:

  • Large impact on operations that jeopardize long term health of MagicDAO, Magic Eden and its members
  • Proposals that could put users’ trust & safety at risk
  • Proposal that could enable illegal activity and risk breach of relevant regulations

What exactly will MagicDAO do?:

Our DAO is currently organized in a dedicated Discord channel on the Magic Eden discord. However, all Magic Ticket holders are by default DAO members, even if they are not in the discord. Being in the DAO discord allows people to vote on initiatives, suggest ideas, etc. We are working on creating a platform where proposals, funding, and further information about MagicDAO can be shared.

We see the MagicDAO supported by three core pillars: governance, rewards, and social / community.

No description available.

 

At a glance, here is a non-exhaustive list of initiatives we expect to come out of the 3 workstreams (rewards, governance, and social/community). Details below.

Our roadmap based on our pillars:

No description available.

PILLAR #1: REWARDS

Our rewards pillar currently has 2 initiatives: building a Magic Rewards program in collaboration with our community and general perks that DAO members can appreciate now.

Part 1: Magic Rewards: 

We want to develop a rewards program that offers financial incentives to our holders. Our initial ideas are as follows:

  • Rewards based on activities (e.g., trading on ME, engaging via Discord, voting on DAO proposals, generating ideas for the DAO)
  • Receive points for activities
  • Convert points to SOL / community-voted rewards that should be determined by the community

Some guiding principles:

  • Rewards multiple across tiers: We will award activities with progressively more points based on the level of the Magic Ticket (Normies, Degens, OGs)
  • Safeguards: The program should prevent people from hacking the rules (e.g., posting thousands of messages on Discord a day to accrue points, preventing wash trading, etc)
  • Social: We’d think it’d be cool if the rewards program could feel social - people could display their points with others and gift / donate points as they see fit
  • Web3 vibes: We don’t want the rewards program to feel as sterile as an airline rewards program. We’d love to take from the ethos of web3 in delivering rewards that NFT collectors care about and have a sense of playfulness

Timeline: 

  • This month:
    • We will share this proposal for the community’s review and solicit feedback
    • Community leaders + Magic Eden team will put together a proposal with clear product requirements
    • We will gather a list of additional product features that the community would like to see on Magic Eden’s website from the community and invite the community to vote on the best ones to be worked on over time
  • March:
    • We will create a Magic Rewards Hacker Challenge directly following Solana Hacker Week in New York (more details to come). We will announce the date and time so devs have ample time to plan their schedules.
    • The hacker challenge will be co-hosted by MagicDAO + Super Shadowy Coder DAO! During Solana Hacker Week in New York, we will plan a social event for holders of both collections (SSCD + Magic Ticket)
    • Through the hacker challenge, we hope to identify strong developers who could help us build this program in the months to come.
  • April onwards:
    • Based on the outputs of the hacker challenge, our team will work with devs from the community to develop a Magic Rewards roadmap
    • We will show progress regularly in our DAO to show the community what we are building and get feedback

Part 2: Additional perks via MagicDAO

We have already delivered whitelist allocations in the DAO discord as of this week, including giveaways from Astrals, a project in collaboration with Shaq. 

We will continue building upon our perks program, including:

  • Whitelist allocations of Launchpad projects (offered at a voluntary basis from projects)
  • Giveaways within the DAO discord
  • Discounts of ecosystem Solana NFT services

These rewards may differ for the different tiers. Some rewards will be available for all the tiers but will scale as the levels go up. 

PILLAR #2: GOVERNANCE

More to come on governance soon. Magic Eden prides itself on putting Web3 and decentralization first. We want to empower every Magic Ticket holder to publish and vote on governance proposals. In the beginning, the governance proposals will be initiated more heavily by the Magic Eden team to set the tone for quality and direction of ideas. Over time we hope to let the community take more ownership of proposals. 

The Magic Eden team is as follows:

  • Leads:
    • Andi - DAO lead (magic dao ponds ftw)
    • Gnarl - DAO lead
    • Pax - product
    • Nifty - community
    • Diablo - community
    • Roary - community
    • Cryptogod - Community
    • Tiffany Huang - marketing
    • Vlad Popov - architecture
    • Jack Lu - paper pusher

Advisors: We have enlisted the support of ~10 advisors from the Solana ecosystem to be appointed on a rotational basis. We’ll announce these advisors soon.

Core teams at Normie, Degen, OG Level: We also anticipate creating core teams at each level (Normie, Degen, OG) based on the feedback over the last few days. We first want to create more definition around the roles and responsibilities for the core team (and will solicit feedback from the community). After that, we will create positions, encourage people to run for office and share why they would be a good fit, and let the community vote them in.

Everyone: Everyone will have a chance to vote on proposals. Examples of matters we’ll vote on:

  • DAO committee members & leads
  • Direct updates to our UX (ex. Homepage Carousel Updates)
  • Product improvements and suggestions (ex. Activities tab)
  • Social Events & Additional Perks

In our proposal, vote casting will be by user and not by NFT.

We are still developing our approach to voting rights because we want to see how the MagicDAO section of our discord shakes out. We’ve pushed out a video that helps people navigate to our MagicDAO discord channel. After a few days we’ll have a better idea of the # of Normies / Degens / OGs and propose voting rights from there for the community.

PILLAR #3: SOCIAL & COMMUNITY

Our goal is to enable P2P interconnectivity across Solana. This is the reason we created our 3 different levels–to encourage camaraderie across the levels via IRL + virtual events. 

As mentioned in our last blog post, programs will include:

  • AMA’s with top leading Solana community members
  • Networking events with artists, developers, community leads looking to start projects
  • Virtual events amongst DAO members including Hackathon & Solana Olympics
  • IRL exclusive events for fellow DAO members, starting in New York during Solana Hacker Week mid-March and LA at the end of March for NFT LA

More to come on this front – look out for future announcements. Thank you for reading this long post. We will continue to iterate as we go.

Related articles

    About Magic Ticket Airdrop & MagicDAO Roadmap
    Learn about our plans to work together with the community