Magic Eden to adopt the ecosystem token ME
Quick Take
- NFT marketplace Magic Eden will adopt the forthcoming utility token ME.
- ME will be an ecosystem and utility token for consumers to use on Magic Eden, in addition to potential utilization in third-party protocols.
Leading NFT marketplace Magic Eden will adopt the forthcoming utility token called ME, which is being developed by the ME Foundation and will be launched at a later date.
ME tokens will enable cross-chain trading on the Solana-based Magic Eden platform, incentivizing consumers "to trade any asset on the biggest chains at any time," according to a release shared with The Block. The team expects the token to be integrated into other third-party protocols and decentralized apps as interest in NFTs and Bitcoin-based Runes grows.
"The era of single chain maximalism is over,” ME Foundation Director Matt Szenics said, adding that the Magic Eden platform has done more than $6 billion in trading volume to date across various networks, representing 60% of all NFT revenue. Allegedly, Magic Eden accounts for 80% of all Bitcoin Ordinals and Runes trading volume.
"The ME Foundation's goal is for ME to be the leading web3 consumer token. As a community-owned and governed token, we're excited to see how the community continues to build on this great momentum," Szenics said in an email.
It is not yet clear when the token will launch, however the non-profit ME Foundation said it will be available through the Magic Eden desktop and mobile wallet, which is built on the ME DAO’s open source code. The foundation intends to support the ME token launch and development of the ME DAO.
The impending addition of the ME token marks one of many ecosystem changes Magic Eden introduced this year. On April 22, Magic Eden launched a platform for Bitcoin Runes in addition to a multi-chain wallet self-custody wallet supporting Solana, Bitcoin, Polygon and Ethereum in January, The Block previously reported.
Aug. 22 16:41 UTC: Corrects to remove mention of Magic Eden launching the ME token.
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