Magic Eden introduces ecosystem token ME

Magic Eden, the leading NFT marketplace, will adopt a utility token called ME, developed by the ME Foundation and to be launched in the future.

ME tokens enable cross-chain trading. Solana brush

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According to a press release shared with The Block, the Magic Eden-based platform will incentivize consumers to “transact all assets on the largest chain at all times.” The team anticipates that as interest in NFTs and Bitcoin-based runes grows, the token will be integrated into other third-party protocols and decentralized apps.

“The era of single-chain maximalism is over,” said Matt Szenics, ME Foundation director, adding that the Magic Eden platform has seen over $6 billion in trading volume across multiple networks to date, accounting for 60% of all NFT revenue. Magic Eden reportedly accounts for 80% of all Bitcoin Ordinals and Runes trading volume.

“The ME Foundation’s goal is for ME to become the leading web3 consumer token. As a community-owned and -governed token, we are 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 be launched, but the non-profit ME Foundation has stated that it will be available via the Magic Eden desktop and mobile wallets, which are based on the open-source code of the ME DAO. The foundation plans to support the ME token launch and the development of the ME DAO.

The impending addition of the ME token is one of many ecosystem changes Magic Eden has introduced this year. The Block previously reported on April 22 that Magic Eden launched a platform for Bitcoin Runes in January, in addition to its own custodial wallet, a multi-chain wallet that supports Solana, Bitcoin, Polygon, and Ethereum.

August 22, 16:41 UTC: Magic Eden removed the mention of launching ME tokens.

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