Magic Eden Launches TestME Token, Asks Users Not To Speculate on It
Magic Eden, one of the leading NFT marketplaces, has launched its test token, TestME, and asked users not to trade it.
The two-day claim period, starting Tuesday, is mostly a technical exercise to test Magic Eden's digital wallet infrastructure. While the marketplace is opening its doors for eligible users to claim TestME, it has taken the extraordinary step of actively discouraging trading activity around the token.
It will explicitly exclude users in the United States and the United Kingdom from this test run and requires participants to have been active on the platform within the last six months. Claims need to be processed via Magic Eden's proprietary wallet, though users can connect other wallets to prove their activity on the platform.
The company's governance token, which was previously called NFT and was only rebranded as ME this year, remains in development, with no fixed date yet for its release. Last week, CEO Jack Lu described his vision of ME on social media: to let users on the platform interact with and reward long-time participants.
The longer-term ambition is to use the Magic Eden Foundation to issue a more complete governance token that will give holders the right to vote on decisions about the platform. The current release of TestME is a single step in this overall technical road map, but it may inadvertently create hype for the eventual ME token despite caution from the marketplace itself.