Magic Eden Introduces ME Token for Cross-Chain Trading
The Magic Eden (ME) Foundation, a foundation linked to the Magic Eden NFT marketplace has announced the introduction of a new $ME token designed to facilitate cross-chain trading for digital assets. Magic Eden will adopt the new token as its ecosystem token.
The new token is expected to support Web3 consumer decentralized applications (dApp) and NFT trading through cross-chain digital asset trading. It will lead to the expansion of the NFT platform and greater dApp integration for the Magic Eden ecosystem.
In a press release, the ME Foundation says it aims to support the development of the ME decentralized autonomous organization (DAO) protocols through “community-led governance.”
The $ME token will be an integral part of the Magic Eden ecosystem. Magic Eden is already a leading global non-fungible token (NFT) and Runes platform and it aims to be the first platform to officially adopt the new ME token as its ecosystem token.
The ME token has been developed to help enhance the capabilities of dApps by enabling cross-chain trading of digital assets.
Magic Eden began its Web3 journey as a Solana (SOL) – based NFT platform but has since expanded into multiple blockchain platforms. It hopes the integration of the ME token will help power the growth of its ecosystem.
The introduction of the ME token is coming hot on the heels of the company’s recent introduction of a mobile wallet app for token swapping. Together with the ME token, the NFT marketplace is betting on these new developments to incentivize users to trade assets on some of the biggest blockchains at any moment.
The Magic Eden Platform Has Been Registering Impressive Growth
The Magic Eden platform has been registering impressive growth. According to the press release, it has already passed $6 billion in total trading volume and now accounts for more than 60% of all NFT revenue.
ME overtook major competitors such as Yuga Labs and Blur in April after an impressive $756.5 million in March NFT trading volume.
The March surge in NFT trading volume led to a 194.4% increase in monthly trading volume, far outperforming Blur’s March trading volume of $530.3 million.
Another Hype Cycle?
The NFT market has gone through hype cycles over the past few years. At the height of the NFT boom in 2022, the market cap hit a peak of $522 billion before dropping 97% of its value to hit a low of 18 billion in August this year.
According to a September 2023 dappGambl report, 95% of NFT collections had a market cap of 0, that is a whopping 73,257 NFT collections!
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