Magic Eden has just unveiled its latest innovation: the $ME token, set to become the primary token for its bustling NFT marketplace. As one of the leading platforms where users can create, buy, and sell NFTs in a decentralized environment, Magic Eden’s move signals a significant shift in the industry.
Initially launched on the Solana blockchain and later integrating with Ethereum, Polygon, and more, Magic Eden has achieved remarkable milestones over its three-year journey. Now, with the introduction of the $ME token, the platform is poised to further solidify its presence and influence in the NFT space.
In this article, we delve into the rich history and significant milestones that have shaped Magic Eden’s journey. We will explore the remarkable growth trajectory of Magic Eden, highlighting key achievements and pivotal moments. Additionally, we will provide an in-depth look at the ME Foundation.
History of $ME token
In January 2024, Magic Eden announced that it was going to launch its token with a ticker $NFT. While there were speculations on whether the ticker would be either $MAGIC or $ME token, Magic Eden in January said it would be $NFT.
In trying to be 100% open source with IP governed by the community i.e. the Non-Fungible DAO, Magic Eden wanted holders of $NFT to be able to propose or vote on changes, upgrades, or adjustments to the platform’s operations.
The release of $NFT was meant to come as an airdrop first to users of Magic Eden. The NFT marketplace started a reward system, where $NFT will be given to users, which went live on Solana on January 23rd, 2024, with plans to expand it to other blockchains.
Additionally, any trader who has previously traded Solana NFTs on Magic Eden was expected to be rewarded with the $NFT airdrop. There were also speculations that the number of diamond collections a user holds would determine the amount of $NFT tokens they receive from the airdrop.
Rebranding from $NFT to $ME, $ME airdrop, and other rewards
Seven months after the initial announcement of the $NFT token, the ME Foundation has rebranded the token as $ME. This change is part of Magic Eden’s broader strategy to expand beyond just NFT trading.
The new $ME token aims to facilitate cross-chain trading of digital assets, enabling users to seamlessly trade various cryptocurrencies and NFTs across different blockchains. This shift aligns with Magic Eden’s goal of becoming a more versatile platform within the growing Web3 ecosystem.
The launch of the “$ME” token is part of Magic Eden’s efforts to incentivize user participation and encourage the adoption of its open-source protocols. Users will be able to claim the token through the Magic Eden wallet, which is designed to support both NFT and fungible token trading.
It is expected to launch within the next several months and will serve as the official ecosystem token for Magic Eden. $ME token holders will be able to participate in a decentralized autonomous organization (DAO), although details on its structure have not been disclosed.
ME Foundation stated in an X post that the $ME claim will be in the Magic Eden Wallet which is available on iOS and Android. The Magic Eden Wallet was released on August 21, 2024. ME Foundation said that after claiming the airdrop, $ME incentives will live in the wallet.
Alongside this airdrop, Magic Eden is also making its Diamonds rewards program available on all four blockchains it works with: Solana, Ethereum, Bitcoin, and Polygon. The Diamonds program gives users rewards for doing tasks and interacting with the Magic Eden marketplace.
As Magic Eden prepares to release the $ME token, they also launched Mintfest, a raffle campaign with $100,000 in prizes for users who create exclusive digital collectibles using the Magic Eden Wallet. The marketplace is partnering with dogwifhat ($WIF), Michi ($MICHI), and Echelon Prime.
Magic Eden explained that users can qualify for the $100,000 prize pool by minting the exclusive collections or by holding a certain amount of $WIF, $MICHI, or $PRIME tokens. Those who do it via mobile, can double their entries.
Milestones of Magic Eden
Magic Eden is one of the largest NFT marketplaces, boasting a trading volume of over $6 billion. It dominates the NFT market, capturing more than 60% of the revenue and leading in Bitcoin transactions, holding over 80% of the trade volume for Ordinals and Runes.
Bitcoin NFTs have entered the Web3 space, allowing data to be recorded on the Bitcoin blockchain to create unique digital assets known as digital artifacts. While many NFT marketplaces don’t offer services for Bitcoin NFTs, Magic Eden does.
Magic Eden features a unique option called Lucky Buy, where users can take a chance on their NFT purchase. With this feature, users can either buy a chosen collectible for a fraction of the price or receive “Diamonds” instead, as their funds won’t be refunded.
Additionally, Magic Eden is experimenting with real-world assets through tokenized trading cards. Recently, they introduced 100 tokenized Pokémon cards as part of this initiative.
Founding team
Magic Eden was founded by a team of four individuals with diverse backgrounds in technology and blockchain. The co-founders include Jack Lu, serving as the CEO, he previously worked at FTX, where he gained significant experience in the cryptocurrency space.
Sidney Zhang, the Chief Technology Officer, has a background as a founding engineer at Uber Eats and has also worked at Facebook, focusing on AI and technology development.
Zhuoxun Yin, acting as the Chief Operating Officer, has experience as a product manager at Coinbase, contributing to his expertise in the crypto and NFT markets. Zhuojie Zhou, the Chief Engineer, brings experience from his previous work at Facebook, where he was involved in software development.
This leadership team has played a crucial role in establishing Magic Eden as a leading NFT marketplace, particularly on the Solana blockchain, while also expanding its services to other chains like Ethereum and Bitcoin.
$ME Foundation
The ME Foundation is an organization established to oversee the development and implementation of the $ME token, which is set to become the official ecosystem token for Magic Eden.
The ME Foundation is partly staffed by former employees of Magic Eden, indicating a strong connection between the two entities. The foundation’s mission emphasizes community-led governance, which will enable token holders to participate in a decentralized autonomous organization (DAO).
While the specific details regarding the structure of this DAO and the tokenomics of $ME have not been disclosed yet, the introduction of $ME is expected to enhance user incentives on the platform, especially as Magic Eden expands its services.
Additionally, the $ME token will support mobile-native experiences, aligning with the growing trend of mobile usage in decentralized applications (dApps).
The $ME token will not be available in certain jurisdictions, including the United States. Matt Szenics, Director of the ME Foundation, stated that focusing on a single blockchain is no longer optimal. He highlighted Magic Eden’s successful history and noted that $ME will be a valuable resource as Magic Eden expands beyond NFTs into a broader spectrum of digital ownership.
The Solana community is eagerly anticipating the upcoming $ME airdrop from Magic Eden, especially given that Magic Eden has secured over $159 million in funding from major investors like Paradigm, Electric Capital, and Sequoia Capital. However, there is some concern.
Magic Eden requires users to claim their $ME tokens through its wallet app, prompting reactions such as one user on X who remarked, “So you are saying we need to input our seed phrase on your wallet to claim $ME?” “Doesn’t that seem like an unnecessary security risk for an airdrop?” the user added.
In response, Magic Eden explained that they will provide a system to “link eligible wallets (including hardware wallets) to the mobile app without importing or revealing your seed phrase.”
Magic Eden has stated that there will be more updates on how the $ME will be unveiled via the Magic Eden X account.
