Quick take:
- There are no official launch date has been communicated yet.
- Once launched, the token will facilitate cross-chain trading on the multi-chain NFT platform Magic Eden.
- The team also expects ME tokens to be integrated into third-party protocols and decentralised finance apps thereafter.
Magic Eden, the multi-chain NFT platform, originally built on Salana has unveiled plans to adopt the ME token. The ME token is an ecosystem and utility token being developed by the ME Foundation.
No launch date has been provided yet, but once launched, the ME token will facilitate cross-chain trading on the multi-chain NFT platform Magic Eden, allowing users to trade any token on leading chains at any time, the report said.
Thereafter, the ME Foundation team expects more protocols and decentralised finance apps to integrate the ME token, further expanding its community reach.
Magic Eden has been one of the fastest-growing platforms in Web3, after overtaking the likes of OpenSea and Blur to become the world’s biggest NFT platform by transaction volume.
The company attributes some of its rapid growth to its expansion to the Bitcoin blockchain with Ordinals and Runes in the run-up to the fourth Bitcoin halving event in April.
“The era of single chain maximalism is over,” ME Foundation Director Matt Szenics said adding that Magic Eden boasts more than $6 billion in all-time transaction volume across various networks, which represents 60% of NFT revenue.
Me Foundation wants the ME token to be the leading consumer token in the crypto space. The organisation initially planned to launch the token under the ticker symbol, “NFT”, which would have essentially tapped into a multi-trillion asset class, according to Szenics.
However, given Magic Eden’s rapid growth over the past year, coupled with the way the platform has evolved beyond NFTs, it opted to stick with the branding and is now developing “ME”.
“The ambition was: Hey, it’d be really bullish if we just lock down this token ticker to basically have people think of us as the NFT token project,” Szenics told Decrypt. “And it’s kind of just easy, right? And you represent the multi-trillion-dollar asset class of the future.”
Although it is not clear when the token will be available, ME Foundation said it will be offered through the Magic Eden desktop and mobile wallet.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
