- Magic Eden, an NFT marketplace, will accept the upcoming utility token ME.
- ME will be available to users on Magic Eden as an ecosystem and utility currency, with the possibility of being integrated into other protocols.
The ME Foundation is developing a utility token called ME, which will be issued at a later time and adopted by leading NFT marketplace Magic Eden.
ME tokens will allow cross-chain trading on the Magic Eden platform, which is based in Solana. This will encourage users to trade any asset on the largest chains at any time. As interest in NFTs and Bitcoin-based Runes increases, the team anticipates that the currency will be included into further third-party protocols and decentralized applications.
According to ME Foundation Director Matt Szenics, the days of single chain maximalism are over. He also stated that the Magic Eden platform has generated over $6 billion in trading volume over many networks to date, accounting for 60% of all NFT revenue. Eighty percent of all Bitcoin Ordinals and Runes trade volume is allegedly attributed to Magic Eden.
ME wants to be the most popular web3 consumer token, according to the ME Foundation. Szenics stated in an email, “As a community-owned and governed token, we’re excited to see how the community continues to build on this great momentum.”
The non-profit ME Foundation stated that the token will be accessible via the Magic Eden desktop and mobile wallet, which is based on the open source code of the ME DAO, however the precise launch date is still pending. The foundation plans to provide assistance with the ME coin launch and ME DAO development.
One of the numerous changes to Magic Eden’s ecology this year is the ME token’s anticipated addition. Magic Eden launched a platform for Bitcoin Runes on April 22 in addition to a multi-chain wallet self-custody wallet supporting Solana, Bitcoin, Polygon, and Ethereum in January.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
