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Magic Eden Foundation Introduces ME Token for Cross-Chain Digital Asset Trading

The Magic Eden Foundation has launched the ME token to enhance cross-chain digital asset trading and drive growth within its decentralized ecosystem.
News
Dot
August 22, 2024
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

in
TABLE OF CONTENTS

The Magic Eden (ME) Foundation has announced the launch of the ME token, a new digital asset aimed at supporting Web3 consumer decentralized applications (DApps) through cross-chain trading.

In a statement shared, the ME Foundation emphasized that the primary goal of the token is to aid in the development of ME decentralized autonomous organization (DAO) protocols, emphasizing “community-led governance.”

The ME token will play a pivotal role in Magic Eden, a global platform for non-fungible tokens (NFTs) and Runes, which is set to be the first to officially adopt ME as its ecosystem token.

Enhancing Cross-Chain Trading

The ME token is specifically designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets. While Magic Eden initially began as a Solana (SOL)-based NFT platform, it has since expanded across multiple blockchain platforms. The integration of the ME token is expected to further accelerate the platform's growth.

With Magic Eden's ongoing mobile expansion and the integration of the ME token, users will be encouraged “to trade any asset on the biggest chains at any time,” according to the press release. The release also added,

“As the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.”

Magic Eden's Platform Growth

The press release also highlighted the impressive growth of the Magic Eden platform, noting that it has “surpassed” $6 billion in total trading volume, accounting for over 60% of all NFT revenue.

In March, Magic Eden's surge in NFT trading volume, reaching $756.5 million, led to a 194.4% increase in monthly trading volume, allowing the platform to outperform competitors like Blur, which recorded $530.4 million in trading volume.

The NFT Market's Challenges

Despite the success of platforms like Magic Eden, the broader NFT market has faced significant challenges. During the peak of the NFT hype cycle, collections like CryptoPunks and Bored Apes saw rapid growth from 2021 to 2022. However, the market capitalization, which reached $526 billion in May 2022, has since plummeted to around $18 billion as of August 21, marking a 97% decline in value.

A report by dappGambl in September 2023 further highlighted the struggles faced by the NFT market, revealing that out of 73,257 NFT collections, 95% had market caps of 0 Ether, indicating significant value loss for investors.

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Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.

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August 22, 2024

Magic Eden Foundation Introduces ME Token for Cross-Chain Digital Asset Trading

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Blog Post
Contents

The Magic Eden (ME) Foundation has announced the launch of the ME token, a new digital asset aimed at supporting Web3 consumer decentralized applications (DApps) through cross-chain trading.

In a statement shared, the ME Foundation emphasized that the primary goal of the token is to aid in the development of ME decentralized autonomous organization (DAO) protocols, emphasizing “community-led governance.”

The ME token will play a pivotal role in Magic Eden, a global platform for non-fungible tokens (NFTs) and Runes, which is set to be the first to officially adopt ME as its ecosystem token.

Enhancing Cross-Chain Trading

The ME token is specifically designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets. While Magic Eden initially began as a Solana (SOL)-based NFT platform, it has since expanded across multiple blockchain platforms. The integration of the ME token is expected to further accelerate the platform's growth.

With Magic Eden's ongoing mobile expansion and the integration of the ME token, users will be encouraged “to trade any asset on the biggest chains at any time,” according to the press release. The release also added,

“As the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.”

Magic Eden's Platform Growth

The press release also highlighted the impressive growth of the Magic Eden platform, noting that it has “surpassed” $6 billion in total trading volume, accounting for over 60% of all NFT revenue.

In March, Magic Eden's surge in NFT trading volume, reaching $756.5 million, led to a 194.4% increase in monthly trading volume, allowing the platform to outperform competitors like Blur, which recorded $530.4 million in trading volume.

The NFT Market's Challenges

Despite the success of platforms like Magic Eden, the broader NFT market has faced significant challenges. During the peak of the NFT hype cycle, collections like CryptoPunks and Bored Apes saw rapid growth from 2021 to 2022. However, the market capitalization, which reached $526 billion in May 2022, has since plummeted to around $18 billion as of August 21, marking a 97% decline in value.

A report by dappGambl in September 2023 further highlighted the struggles faced by the NFT market, revealing that out of 73,257 NFT collections, 95% had market caps of 0 Ether, indicating significant value loss for investors.

Solana
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

in

The Magic Eden (ME) Foundation has announced the launch of the ME token, a new digital asset aimed at supporting Web3 consumer decentralized applications (DApps) through cross-chain trading.

In a statement shared, the ME Foundation emphasized that the primary goal of the token is to aid in the development of ME decentralized autonomous organization (DAO) protocols, emphasizing “community-led governance.”

The ME token will play a pivotal role in Magic Eden, a global platform for non-fungible tokens (NFTs) and Runes, which is set to be the first to officially adopt ME as its ecosystem token.

Enhancing Cross-Chain Trading

The ME token is specifically designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets. While Magic Eden initially began as a Solana (SOL)-based NFT platform, it has since expanded across multiple blockchain platforms. The integration of the ME token is expected to further accelerate the platform's growth.

With Magic Eden's ongoing mobile expansion and the integration of the ME token, users will be encouraged “to trade any asset on the biggest chains at any time,” according to the press release. The release also added,

“As the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.”

Magic Eden's Platform Growth

The press release also highlighted the impressive growth of the Magic Eden platform, noting that it has “surpassed” $6 billion in total trading volume, accounting for over 60% of all NFT revenue.

In March, Magic Eden's surge in NFT trading volume, reaching $756.5 million, led to a 194.4% increase in monthly trading volume, allowing the platform to outperform competitors like Blur, which recorded $530.4 million in trading volume.

The NFT Market's Challenges

Despite the success of platforms like Magic Eden, the broader NFT market has faced significant challenges. During the peak of the NFT hype cycle, collections like CryptoPunks and Bored Apes saw rapid growth from 2021 to 2022. However, the market capitalization, which reached $526 billion in May 2022, has since plummeted to around $18 billion as of August 21, marking a 97% decline in value.

A report by dappGambl in September 2023 further highlighted the struggles faced by the NFT market, revealing that out of 73,257 NFT collections, 95% had market caps of 0 Ether, indicating significant value loss for investors.

Written by
Dean Fankhauser
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© 2024 Bitcompare
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Bitcompare.net is a trading name of Tokentalk Ltd. Registered in England No. 11332964. Registered Office: Unit 3 Mitcham Industrial Estate, 85 Streatham Road, Mitcham, United Kingdom, CR4 2AP.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
‍
Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.