► broken promises
► millions of dollars through royalties
► fake hype
This is the untold story of how Magic Eden made millions from Magic Tickets 🧵
Throwback: Magic Tickets Airdrop
In February-March 2022 Magic Eden airdropped their Magic Tickets, promising different rewards like Airdrops, Points and Whitelist Spots.
They also announced a DAO that will be funded with 1K SOL from ME + 2% of Magic Ticket tx fees + 5% of Magic Ticket royalties.
► Magic Tickets total supply was 30,062 and got airdropped to loyal traders (Normie, Degen, OG)
Throwback: Magic DAO
Since then, not a lot of things have happened.
Even though there was a separate Discord channel for Magic Tickets holders with giveaways and WL spots.
No DAO mechanism was implemented, but enough promises were made to keep people hopeful.
A real back-burner relationship.
Throwback: Magic DAO
Sometimes it even looked like that Magic Eden had no real plans for Magic Tickets and Magic DAO.
Throwback: Magic DAO
In the meantime Magic Eden also deleted all their blogposts about the Magic DAO and the overall Benefits of Magic Tickets.
While DAO Wallets from other Projects like Jupiter are public, no one knows anything about the Magic DAO wallet (should hold at least 1,000+ SOL).
tl;dr so far: Magic Tickets were purely speculative with barely any perks - perfect for wash trading and farming
Throwback: Retro Diamonds Drop
In Jan/Feb 2024, they introduced the Retro Diamond Drop, which was the unofficial start of the ME farming season.
They also promised one more time to reward Magic Ticket holders even though they did this almost two years ago.
Anyway, degens literally bought the news and Magic Tickets pumped.
Throwback: Burn
In June Magic Eden announced that holders can now burn their Magic Tickets for Diamonds
Magic Tickets could be exchanged for Diamonds from June 20th to July 20th
► Normie: 500
► Degen: 650
► OG: 1000
Magic Tickets Utility
The Burn of Magic Tickets is closed (June 20th - July 20th)
► Magic Eden mods confirmed that there is no more utility planned for Magic Tickets after the burn!
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