Magic Eden Debuts Token With Airdrop, Claimable Only via Mobile App

Magic Eden, a popular cross-chain NFT marketplace, has finally announced $ME, the platform’s native token. 

The announcement follows the public launch of the Magic Eden wallet app on iOS and Android devices, a release spearheaded by the platform’s MintFest campaign. 

Magic Eden Finally Announces Token

Rising to prominence as Solana’s most popular NFT marketplace, Magic Eden expanded its product offering across various chains. Aiming to become crypto’s largest multichain application, Magic Eden first integrated Ethereum and Polygon, before embracing Bitcoin’s burgeoning ecosystem in 2023.

In late 2023, Magic Eden launched its Diamonds rewards program. Available to both current and previous users, Magic Eden retroactively distributed linear Diamond rewards to anyone who’d ever used the platform on any of its supported chains.

While Magic Eden is yet to provide further details, it is expected that Diamonds will play a key role in calculating $ME token allocations and eligibility. $ME’s utility and tokenomics are yet to be disclosed. However, when Magic Eden first teased the launch of its native token (formerly called $NFT), the asset was intended to be used as a governance token.

According to the Magic Eden Foundation, the $ME airdrop claim will be available through the Magic Eden Wallet app. While this move is no doubt intended to onboard users to the new application, the Solana community has expressed concerns about this approach.

Currently, the Magic Eden Wallet application only allows existing wallets to be imported using a seed phrase. Reluctant to provide their seed phrase, some users have requested that the platform enable private key-based imports.

ME Wallet App Launches on Mobile Devices

After soft-launching the beta app to a limited user base, Magic Eden has finally launched its wallet application to the general public. The wallet is available on both iOS and Android devices and supports assets on all chains serviced by Magic Eden.

As part of the launch, Magic Eden has rolled out Mintfest, a raffle campaign offering $100kin prizes to users who mint exclusive digital collectibles. In partnership with dogwifhat ($WIF), Michi ($MICHI), and Echelon Prime, 250 winning entries will receive $400 each.

Users can become eligible for the $100k prize pool by minting the exclusive collections or holding a qualifying amount of $WIF, $MICHI, or $PRIME tokens. By minting via mobile, users can double their entries.

The Solana community has high hopes for the $ME airdrop. Having raised over $159M in various rounds led by the likes of Paradigm, Electric Capital, and Sequoia Capital, recipients have long speculated that $ME may be one of the biggest airdrops of the year. 

However, despite palpable excitement, Magic Eden’s decision to force users to claim via the wallet app may alienate and discourage some claimants.Magic Eden is yet to release a timeline for the $ME TGE (Token Generation Event).

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