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 take place.
The Magic Eden Foundation has not announced a launch date for the ME token. However, in to update On September 30, it indicated that a claim simulation would be conducted in October.
Claims of the token will be available via the Magic Eden wallet.
ME token simulation in October
The anticipation for me, as with the platform’s other major airdrops, is enormous. To prepare the community, Magic Eden plans to simulate claiming the token through its native wallet. According to the post on X, the project will launch a test token in the wallet to demonstrate the process of claiming ME tokens.
The mobile version of Magic Eden Wallet will allow users to link all their wallets, including desktop, mobile and hardware, and view their total ME claims from a single interface.
ME tokenomics to follow
The token set for the simulation will just be a “simple test token.” Magic Eden has warned users not to get too excited about it, as the token will have no benefit or value.
However, once the testing exercise is completed, the ME Foundation will unveil the token economies of the project. It also plans to unveil a token creation event for the Middle East after the simulation event. This TGE could stimulate further growth for Magic Eden.
In August, Magic Eden announced that the new ME token would be central to the decentralized, autonomous regulation of the non-fungible token market. In addition to participating in the governance of the DAO, holders will receive other benefits, such as access to cross-chain trading in the web3 ecosystem.
August 2024 data showed that Magic Eden strengthened its grip on the NFT market with a market share of 37%.
In comparison, Blur’s market size has fallen to about 25%. Meanwhile, OpenSea, which recently received notice from the Securities and Exchange Commission, has seen its overall dominance shrink to 20%.