Magic Eden to Adopt ME Utility Token

Leading NFT marketplace Magic Eden will adopt the forthcoming utility token called ME, which is being developed by the ME Foundation and will launch at a later date.

ME tokens will enable cross-chain trading on the Solana-based Magic Eden platform, incentivizing users to trade any asset on the biggest chains at any time, according to a release shared with The Block. The team anticipates that the token will be integrated into various third-party protocols and decentralized applications as interest in NFTs and Bitcoin-based Runes grows.

“The era of single chain maximalism is over,” said Matt Szenics, ME Foundation Director. He noted that the Magic Eden platform has processed over $6 billion in trading volume across various networks, accounting for 60% of all NFT revenue. Allegedly, Magic Eden makes up 80% of all Bitcoin Ordinals and Runes trading volume.

“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,” Szenics stated in an email.

The launch date for the token remains unclear; however, the non-profit ME Foundation stated it will be available through the Magic Eden desktop and mobile wallet, which is built on the ME DAO’s open-source code. The foundation plans to support the ME token’s launch and the development of the ME DAO.

The forthcoming addition of the ME token is one of many ecosystem changes Magic Eden has made this year. On April 22, Magic Eden launched a platform for Bitcoin Runes and introduced a multi-chain wallet supporting Solana, Bitcoin, Polygon, and Ethereum in January, as previously reported by The Block.

Aug. 22 16:41 UTC: Correction made to clarify that Magic Eden is not launching the ME token.