Magic Eden to Adopt ME Token

Leading NFT marketplace Magic Eden will adopt the upcoming utility token called ME, under development by the ME Foundation and set to launch in the future.

ME tokens will facilitate cross-chain trading on the Solana-based Magic Eden platform, incentivizing users to trade any asset across major chains anytime, as stated in a release shared with The Block. The team anticipates that the tokens will integrate into third-party protocols and decentralized apps as interest in NFTs and Bitcoin-based Runes increases.

> "The era of single chain maximalism is over," said Matt Szenics, Director of ME Foundation. He added that the Magic Eden platform has achieved over $6 billion in trading volume across networks, accounting for 60% of all NFT revenue, and allegedly handles 80% of Bitcoin Ordinals and Runes trading volume.

Szenics emphasized, "The ME Foundation's goal is for ME to be the leading web3 consumer token. As a community-owned and governed token, we're excited to see how the community continues to build on this great momentum."

While the exact launch date for the token remains unclear, the non-profit ME Foundation stated it will be accessible via the Magic Eden desktop and mobile wallet, built on the ME DAO’s open-source code. The foundation aims to support the ME token launch and the development of the ME DAO.

The addition of the ME token is one of several ecosystem changes for Magic Eden this year. Earlier, on April 22, Magic Eden launched a platform for Bitcoin Runes, along with a multi-chain self-custody wallet that supports Solana, Bitcoin, Polygon, and Ethereum, as previously reported by The Block.

Aug. 22 16:41 UTC: Corrects to remove mention of Magic Eden launching the ME token.