After teasing the launch of the Magic Eden token ME in August, the Magic Eden Foundation has provided the latest update on when the airdrop will happen.
ME token simulation in October
The Magic Eden Foundation has not released a launch date for the ME token. However, in its update on Sept. 30, it noted that a claim simulation will take place in October. The token claim will be available via the Magic Eden Wallet. Anticipation for ME, as with other major recent platform token airdrops, is massive. To prepare the community, Magic Eden plans to simulate the token claim through its native wallet. According to the post on X, the project will launch a test token in the wallet to show the process of claiming ME tokens. Magic Eden Wallet’s mobile version will allow users to connect all their wallets, including desktop, mobile, and hardware, and view their total ME claim from one interface.
ME Tokenomics details
The token set for the simulation will be just a “simple test token.” Magic Eden has warned users not to get overly excited about it, as the token will not have any utility or value. However, once the test exercise is completed, the ME Foundation will unveil the project’s tokenomics. It also plans to reveal the token generation event for ME after the simulation event. This TGE could catalyze further growth for Magic Eden. In August, Magic Eden announced that the new ME token will be central to the non-fungible token marketplace’s decentralized autonomous organization. In addition to participating in DAO governance, holders will have other benefits, such as access to cross-chain trading in the web3 ecosystem.
Market data for Magic Eden in August 2024
Data for August 2024 showed that Magic Eden strengthened its grip on the NFT marketplace as its market share hit 37%. In comparison, Blur’s market size fell to about 25%. Meanwhile, OpenSea, which recently received a SEC Wells Notice, saw its overall dominance shrink to 20%.
Amid high anticipation for the upcoming airdrop, the Magic Eden Foundation continues to prepare the community by making strides towards launching the ME tokens and unveiling its tokenomics. This event could significantly impact decentralized NFT trading platforms.
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