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Highlights
- Magic Eden to float ME Token in a bid to add more value to its community
- With NFT demand slowing, the marketplace is plotting new businesses
- With the growing competition, other rivals may also follow its steps
Non-Fungible Token (NFT) marketplace Magic Eden has plans to launch and adopt a utility token dubbed “ME.” Noteworthy, the startup said the token is under the development of the ME Foundation. This new token is billed to facilitate cross-chain trading on the Solana-based platform
ME Token on Magic Eden
As described, the ME token is a Web3.0 consumer Decentralized Application (dApp) asset representing cross-chain trading protocols. According to a press release, the token will incentivize customers, encouraging them to trade any asset on the biggest chains at any time.
The team expects easy integration of ME with third-party protocols and dApps. This integration is envisaged for all, including when NFTs and Bitcoin-based Runes sees enhanced improvement.
According to Matt Szenics, the ME Foundation Director, the era of single chain maximalism is over. He also highlighted that Magic Eden has seen more than $6 billion in trading volume across different networks. This represents 60% of all NFT revenue and with this percent, the NFT marketplace accounts for 80% of all Bitcoin Ordinals and Runes trading volume.
When the ME token goes live, it plans to make it available through Magic Eden desktop and mobile wallet. Its launch would mark one of the remarkable changes that the NFT marketplace has made in the last few months
The Push Beyond NFTs
In April, Magic Eden debuted a platform for Bitcoin Runes right after it introduced a multi-chain self-custodial wallet that supports Solana, Polygon, Bitcoin and Ethereum. Through the platform, users could transfer BTC and buy Runes and Ordinals directly with their Magic Eden wallet.
Currently, the platform has decided to diversify its services to include other offerings including trading. This new endeavor follows the scarce demand that digital collectibles have seen in the past months. In early June, the NFT marketplace registered inflows that topped that of Solana, Bitcoin and Ethereum.
It even surpassed Blur, another NFT marketplace in terms of trading volume. The platform’s market share surged to 41.39% outpacing Blur at 38.84%. With this move to diversify, Magic Eden hopes it would remain afloat while the NFT market finds a balance.
With its move recently, other key rival NFT trading outfits may also follow similar path soon.
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