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After teasing the launch of the Magic Eden ME token in August, the Magic Eden Foundation has provided the latest update on when the airdrop will occur.
The Magic Eden Foundation has not released a release date for the ME token. However, in his x.com/MeFndn/status/1840770651784679682″ target=”_blank”>update On September 30, he noted that a claim simulation will be carried out in October.
Token claim will be available through Magic Eden Wallet.
ME token simulation in October
Anticipation for ME, like other recent major platform token airdrops, is huge. To prepare the community, Magic Eden plans to simulate the token claim through its native wallet. According to the post on x, the project will release a test token in the wallet to show the ME token claiming process.
The mobile version of Magic Eden Wallet will allow users to connect all their wallets, including desktop, mobile and hardware, and view their total ME claim from a single interface.
ME tokenomics to follow
The token set for the simulation will simply be a “simple test token”. Magic Eden has warned users not to get too excited about it as the token will have no use or value.
However, once the testing exercise is completed, the ME Foundation will release the tokenomics of the project. He also plans to reveal the token generation event for ME after the simulation event. This TGE could catalyze further growth for Magic Eden.
In August, Magic Eden announced that the new ME token will be instrumental in the decentralized autonomous organization of the non-fungible token market. In addition to participating in DAO governance, holders will have other benefits, such as access to cross-chain commerce in the web3 ecosystem.
Data from August 2024 showed that Magic Eden strengthened its grip on the nft market as its market share reached 37%.
In comparison, Blur's market size fell to about 25%. Meanwhile, OpenSea, which recently received a Wells Notice from the SEC, saw its overall dominance drop to 20%.
