One of the largest NFT marketplaces will soon have the token. Its ticker is $ME. The ME Foundation declined to disclose Tokenomics.
Magic Eden, one of crypto's largest NFT marketplaces with $6 billion in total trading volume, will soon have its own token, the ME Foundation announced on Thursday.
The ME Foundation, made up in part by former Magic Eden employees, will issue a token bearing the ticker $ME.
Matt Szenics, director of the foundation, declined to reveal the total supply of the ME token, how much will be distributed to investors or when it will be launched.
“We are working to deliver in the next few months,” Szenics said News.
He said token holders could participate in a decentralized autonomous organization, or DAO, but declined to elaborate on its structure.
ME to NFT
ME Token is a rebrand of the former cryptocurrency associated with Magic Eden.
In January, the market has been posted About “Non-fungible DAO and associated token $NFT” in X
Sgeneix says the upcoming ME token is a rebrand.
Join the community to get our latest articles and updates
He said the reason behind the name change is that Magic Eden is expanding beyond just NFTs.
In January, the NFT market Released Its own wallet.
Marketplace Wars
After peaking at around $6 billion in monthly trading volume in January 2022, each CryptoslamThe NFT market has failed to sustain the crypto's recent price rally.
In July, trading volumes reached $430 million – a 92% drop over the past 18 months.
During the broader recession, Magic Eden gained market share against industry giants OpenCy and Blur.
In April, Magic Eden briefly overtook Blur to record the highest monthly trading volume among the marketplaces. DAP Radar.
In the last 30 days, Blur's trading volume has surpassed that of Magic Eden, while Magic Eden still outpaces OpenSea. NFT Pulse.
Crypto market movers
Bitcoin is trading at $60,648, up 2.8% in the last 24 hours.
Ethereum is trading up 2.4% at $2,617.
What are we studying?
Ex-FTX executive Ryan Salam is trying to get his conviction reversed. Prosecutors say he was self-serving – News
Tether teams up for UAE dirham-pegged stablecoin – Milk Road
State Street partners with Taurus for tokenization – Milk Road
Crypto Airdrops Ban US Users, But Americans Claim Tokens Anyway – CoinDesk
PIP Labs raises $80m from a16z and Polychain to develop Story, a blockchain for intellectual property – News
Ben Weiss is the Dubai correspondent News. Got a tip? Email him [email protected].