Magic Eden, a leading NFT marketplace, has announced the upcoming launch of its ME token through the rebranded ME Foundation. The token, initially planned to be called NFT, will now be named ME to allow for broader applications beyond non-fungible tokens. The ME token will be claimable exclusively through the Magic Eden Wallet on both mobile and desktop platforms.
While the specific launch date and distribution methods have not been disclosed, the ME Foundation aims to support community-driven use cases and foster adoption beyond the NFT space. Matt Szenics, the Director of the ME Foundation, explained that the decision to stick with the ME branding enables future expansion, including the potential adoption of fungible token standards. This move comes as Magic Eden continues to grow in popularity and venture into the wider crypto world.
Magic Eden expands with ME token
The ME Foundation, headquartered in the Cayman Islands, operates independently from Magic Eden to ensure genuine decentralization and broad usability of the ME token. The Foundation plans to make its NFT protocols open-source and available to other platforms, encouraging widespread adoption of the token across various marketplaces.
Szenics emphasized the distinction between the ME Foundation and Magic Eden, highlighting their different operational frameworks and goals. However, the choice to retain the Magic Eden branding serves as a tribute to the platform’s origins and the protocols it initially developed. As part of its mission to support the ecosystem, the ME Foundation intends to provide developer token grants to onboard new platforms and communities, making the ME token widely usable.
With the token launch on the horizon, the Foundation remains committed to encouraging growth and adoption within the crypto sector.
- Bloomberg.”NFT Marketplace Magic Eden Expands Push Outside of NFTs”.
- CoinTelegraph.”Magic Eden to launch ME token for cross-chain trading”.
- Decrypt.”Magic Eden Reveals ME Token That Can Be Claimed Through Its Wallet”.