Magic Eden Foundation Introduces Its Official dApp Token, $ME

Magic Eden is a multi-chain NFT marketplace and touts itself as the “#1 Bitcoin dApp, NFT and Runes platform in the world.”

Magic Eden Foundation, the organization behind the multi-chain NFT marketplace, has announced the launch of its official dApp token, $ME. The token will serve as an incentive mechanism within the Magic Eden ecosystem, particularly as the protocol expands into the realm of mobile consumer dApps.

Magic Eden, which boasts of being the “#1 Bitcoin dApp, NFT and Runes platform in the world,” gained significant traction as the leading Solana NFT marketplace during the Web3 boom in 2021 and 2022. The platform currently supports Bitcoin Ordinals, Runes, and NFTs on Solana, Ethereum, Polygon, and Base.

“Magic Eden has surpassed $6B in total trading volume, is the top NFT platform, representing >60% of all NFT revenue, and the top Bitcoin platform with 80%+ of Ordinals and Runes trade volume,” the foundation stated in a press release.

“Runes is now the most popular Bitcoin fungible standard, comprising over 60% of all Bitcoin transactions.”)

notably, Magic Eden's 'diamonds' program — which functions similarly to a points program — is expected to play a role in determining the airdrop distribution for users. The token claim will be facilitated through Magic Eden’s native wallet, which is available on both iOS and Android operating systems.

Further details regarding the tokenomics and the airdrop date will be announced at a later time.

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