The new token is designed to make cross-chain trade easier on the platform.
Magic Eden’s desktop and mobile wallets will be the first to provide the ME token.
Magic Eden is planning to introduce and use a utility token called “ME” on its Non-Fungible Token (NFT) marketplace. Importantly, the firm said that the ME Foundation is working on the token’s development. The new token is designed to make cross-chain trade easier on the platform that is built on Solana.
The ME token, as previously mentioned, is an asset representing cross-chain trading protocols and a Web3.0 consumer dApp. An official announcement states that the token will serve as an incentive for users, allowing them to instantly exchange assets on the largest chains.
Major Step Forward
Moreover, the group is banking on ME’s compatibility with other protocols and dApps being a breeze to integrate. Also, this integration is planned for everyone, even as NFTs and Bitcoin-based Runes become better.
The time for single chain maximalism has passed, says Matt Szenics of the ME Foundation. More than $6 billion in trading volume has been recorded across several networks in Magic Eden, he said. When combined, these two metrics show that the NFT marketplace generates 60% of all income from NFTs and accounts for 80% of the number of trades in Bitcoin Ordinals and Runes.
Magic Eden’s desktop and mobile wallets will be the first to provide the ME token once it becomes live. Its release would be a significant milestone in the NFT marketplace’s recent history of transformation.
Magic Eden launched a Bitcoin Runes platform in April, along with the release of their multi-chain self-custodial wallet, which supports Ethereum, Solana, Polygon, and Bitcoin. Users were able to purchase Runes and Ordinals and send Bitcoin to their Magic Eden wallets using the platform.
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