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Magic Eden, the Solana-based NFT marketplace, has officially launched its ecosystem token, ME. Users can now claim ME tokens by linking their wallets to the ME Foundation website and participating in a mobile app claim process. The tokens can be staked for future rewards and participation in cross-chain challenges.
What's the Scoop?
- The deadline to claim ME tokens is February 1, after which unclaimed tokens will be distributed to stakers.
- Stakers can participate in "
Magic Eden Quests" and secure airdrop opportunities. - A previous test token, TestME, gained significant attention, reaching a $6 million market cap post-launch.
Bankless Take
Magic Eden’s launch of the ME token is a significant step toward deepening its ecosystem, tapping into user engagement through staking and challenges. Magic Eden has continued to win mindshare from 
OpenSea this cycle though both marketplaces have been seeking to win mindshare from the memecoin sector. As more projects adopt similar strategies of decentralization, ME will need to distinguish itself with sustained utility and rewards to maintain long-term interest.
