Magic Eden (ME) Foundation Announces Upcoming Launch of ME Token to Support Web3 Consumer Decentralized Applications (DApps)

The Magic Eden (ME) Foundation has announced the upcoming launch of the ME token, a new token designed to support Web3 consumer decentralized applications (DApps) via cross-chain digital asset trading.

Magic Eden (ME) Foundation has announced the upcoming launch of the ME token, a new token designed to support Web3 consumer decentralized applications (DApps) via cross-chain digital asset trading.

In a press release shared with Cointelegraph, the ME Foundation stated its mission to help develop the ME decentralized autonomous organization (DAO) protocols “with community-led governance.”

The token will reportedly be central to Magic Eden, a global non-fungible token (NFT) and Runes platform, which plans to be the first to officially adopt ME as its ecosystem token.

Magic Eden overtakes Blur, Yuga Labs offloads NFT games: Nifty Newsletter

ME token for cross-chain tradingThe ME token is designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets.

Though Magic Eden began as a Solana (SOL)-based NFT platform, it now spans multiple blockchain platforms and intends to integrate the ME token to drive its ecosystem’s growth.

According to the press release, with Magic Eden’s mobile expansion and the addition of the ME token, users will be incentivized “to trade any asset on the biggest chains at any time.”

Magic Eden platform growthThe press release highlights the growth of the Magic Eden platform, stating that it “has surpassed” $6 billion in total trading volume and represents over 60% of all NFT revenue.

This growth can be seen in the platform overtaking competitors Blur and Yuga Labs by April earlier this year after recording $756.5 million in NFT trading volume in March.

Magic Eden’s surge in NFT trading volume in March resulted in a 194.4% increase in monthly trading volume, outperforming Blur’s $530.4 million total trading volume.

Magic Eden passed Blur as leading NFT marketplace in March: CoinGecko

NFT investors could be victims of hypeLooking back at the peak of the NFT hype cycle, top-performing collections such as CryptoPunks and Bored Apes gained rapid traction from 2021 to 2022.

As of May 2022, the NFT market reached a high with a market capitalization of $526 billion, which has since dropped to around $18 billion as of Aug. 21 — a 97% decrease in value.

This loss in value for investors was further highlighted in a dappGambl report in September 2023, which showed that out of 73,257 NFT collections, 95% had market caps of 0 Ether ( ETH ) or $2,598.

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