Magic Eden to Launch ME Token, Expanding NFT Marketplace Offerings
Magic Eden to Launch ME Token, Expanding NFT Marketplace Offerings

Magic Eden to Launch ME Token, Expanding NFT Marketplace Offerings

Magic Eden plans to launch the ME token to enable cross-chain trading on its Solana-based NFT platform.

Magic Eden, a Non-Fungible Token (NFT) marketplace, intends to introduce and implement a utility token known as “ME.” It is important to mention that the ME Foundation is currently developing the token, according to the startup.

The purpose of this new token is to enable cross-chain transactions on the Solana-based platform.

ME Token on Magic Eden

The ME token is a Web3.0 consumer Decentralized Application (dApp) asset that represents cross-chain transaction protocols, as previously mentioned.

The token will motivate customers to trade any asset on the largest chains at any time, as stated in a press release.

There is an expectation that ME will be effortlessly integrated with third-party protocols and dApps by the team. This integration is intended for all, including the future enhancement of Bitcoin-based Runes and NFTs.

The ME Foundation Director, Matt Szenics, has declared that the era of single chain maximalism has concluded. Additionally, he emphasized that Magic Eden has experienced a trading volume exceeding $6 billion across various networks.

The NFT marketplace accounts for 80% of the total trading volume of Bitcoin Ordinals and Runes, with 60% of all NFT revenue represented by this percentage.

When the ME token is launched, it will be accessible through the Magic Eden desktop and mobile wallet. One of the remarkable changes that the NFT marketplace has undergone in the past few months would be its inauguration.

The Move Beyond NFTs

Magic Eden launched a platform for Bitcoin Runes in April, immediately following the introduction of a multi-chain self-custodial wallet that supports Solana, Polygon, Bitcoin, and Ethereum.

Users could directly purchase Runes and Ordinals and transfer BTC through the platform using their Magic Eden wallet.

At present, the platform has elected to expand its services to encompass a variety of offerings, such as trading. This new endeavor is a response to the limited demand that digital collectibles have experienced in recent months.

The NFT marketplace experienced inflows that exceeded those of Solana, Bitcoin, and Ethereum in early June.

In terms of transaction volume, it even surpassed Blur, another NFT marketplace. The platform’s market share increased to 41.39%, surpassing Blur’s 38.84%.

Magic Eden anticipates that this diversification initiative will enable it to maintain its financial stability as the NFT market achieves equilibrium.

Other significant rival NFT trading organizations may soon adopt a similar strategy in response to its recent actions.

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