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Magic Eden announces launch of ME token with airdrop of up to US$500 million
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The ME Foundation announced that it will launch the ME token, based on the Solana blockchain and aligned with the Magic Eden NFTs platform, on December 10. The new asset will be available to users via an airdrop that could reach a market value of over $500 million, according to preliminary trading prices.
The airdrop will focus on Magic Eden users who use the exchange and the platform’s cross-chain NFT marketplace. To claim tokens, participants will need to exclusively use the Magic Eden Wallet app.
While details about the conversion of the Magic Eden Diamonds rewards program to the new ME token have not yet been released, the foundation has indicated that the distribution will consider factors such as organic trading activity, cross-chain transactions and user loyalty, based on usage history of eligible platforms.
Users will be able to check their airdrop eligibility in a tool the company will make available before the official launch. Starting December 10, 12.5% of the total 1 billion ME tokens — approximately 125 million units — will be unlocked and available to eligible participants. Another 22.5% of the supply, or 225 million tokens, will go towards encouraging future use of the ME Foundation protocols and associated platforms.
Magic Eden ME Token Airdrop
In the pre-launch market, the ME token cost as much as US$4.50 on the Whales Market. This would result in an estimated value of US$562 million for the airdrop. However, the Coinbase platform points to a lower price of US$3.41, reducing the potential value of the initial distribution.
Originally focused on the Solana NFT market, Magic Eden has expanded its operations and today leads the Bitcoin Runes and cross-chain NFT markets. According to data from Tiexo, Magic Eden has maintained the largest market share among all NFT platforms over the past six months.
Magic Eden announces launch of ME token with airdrop of up to US$500 million
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Magic Eden announces launch of ME token with airdrop of up to US$500 million
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Magic Eden announces launch of ME token with airdrop of up to US$500 million
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Magic Eden announces launch of ME token with airdrop of up to US$500 million
