Magic Eden, a leading NFT marketplace, has announced the launch of a new token, simply called “ME,” that users can claim via their mobile wallets.
This latest move represents a shift in strategy for Magic Eden, abandoning previous plans to issue a token under the ticker “NFT” in partnership with the Non-Fungible DAO.
A separate Cayman Islands-based organization, the ME Foundation, has been established to manage the token’s launch. The Foundation plans to expand its team and oversee future token distributions.
Despite the announcement, details regarding the launch and distribution of the ME token remain scant. Magic Eden users who earn diamond rewards (points accumulated through trading activity) are expected to receive an airdrop of the token. However, for now, the token can only be claimed via the Magic Eden Wallet, which is accessible on both mobile and desktop.
ME Foundation Director Matt Szenics explained that the original idea behind the “NFT” token was to position Magic Eden as a major player in the rapidly growing non-fungible token (NFT) market. “Our goal was to lock down this token ticker so that people could associate us with the broader NFT asset class,” Szenics said. “We wanted it to be easy and understandable, and represent the multi-trillion dollar asset class of the future.”
*This is not investment advice.
