- New Domains for Magic Eden Users
- Introduction of ME Token Amid NFT Market Slowdown
- Conclusions and Prospects for the Platform
Magic Eden, one of the largest marketplaces for NFTs, has announced the launch of new domains for international and US users. This decision comes amid a continuous slowdown in the NFT market, despite significant trading volumes.
New Domains for Magic Eden Users
According to the platform, international users will now access the Magic Eden domain through magiceden.io, while US users will use magiceden.us. Magic Eden emphasized that the US domain would continue to offer familiar services while the international domain provides a foundation for expanding new features. In July, Magic Eden teamed up with D3 Global to apply for the .magic domain name. This domain will enable users to operate one .magic domain on both traditional internet platforms and Web3 apps, including digital wallets and verified credentials.
Introduction of ME Token Amid NFT Market Slowdown
The Magic Eden Foundation launched the highly-anticipated ME token, setting it at the heart of the platform's ecosystem. Primarily, the new token will serve to power decentralized applications for Web3 users through cross-chain trading in digital assets. This token will also be crucial for community governance in the Magic Eden DAO protocols and Runes platform. While the total trading volume on the platform has surpassed $6 billion, with Magic Eden commanding upwards of 60% in revenues from NFTs, it is not insulated from the cooling NFT market. Despite Magic Eden faring better compared to immediate rivals like Blur and Yuga Labs, and achieving an all-time high in NFT trading volumes last April, the current market situation is beginning to impact even the biggest names.
Conclusions and Prospects for the Platform
The introduction of new domains and the launch of the ME token indicate that Magic Eden aims to adapt to changing market conditions and continue its development. Despite the slowdown in the NFT market, the platform remains a significant player in the field, and further steps could help it strengthen its position.
With the launch of new domains and the ME token, Magic Eden shows its commitment to innovation and adaptation. It is important to keep an eye on the platform's further development and its impact on the NFT market.
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