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Magic Eden, one of the largest NFT marketplaces by trading volume, has announced its official ecosystem token, $ME.
What's the scoop?
- Rebranded from Non-Fungible DAO and $NFT, the ME Foundation and $ME will serve as central pillars of the
Magic Eden ecosystem going forward. - The ME Foundation, a non-profit entity, will oversee the governance of $ME and the development of open-source protocols that Magic Eden and potentially other platforms will adopt.
- As for the $ME token, it has been designed to incentivize users to engage with Magic Eden products across a growing stable of supported blockchains.
- The specific tokenomics haven’t been announced yet, but $ME will be exclusively claimable through the Magic Eden Wallet, available on both desktop and mobile.
Bankless Take:
As one of the main tour de force presences in the contemporary NFT space, Magic Eden is positioned to make a big splash with the rollout of $ME. The specifics of the launch time and community governance processes aren’t clear yet, but we should know more soon. Whether the token can truly shake up the decentralized app scene remains to be seen, but if nothing else, Magic Eden is daring to go where one of its biggest competitors—OpenSea—hasn’t yet.
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