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NFT Marketplace Magic Eden Revamps Token Strategy with ME Token Launch
Magic Eden announced plans to launch the ME token through the rebranded ME Foundation. The leading NFT marketplace initially planned to launch a fungible token with the NFT ticker, however the platform decided to change the token plans. Details on the launch date and distribution, including potential airdrops to traders with Diamond rewards, remain unclear. However, the token will be claimable via the Magic Eden Wallet on both mobile and desktop.
The original idea was to secure the NFT ticker to symbolize non-fungible tokens, which represent ownership of unique digital items. Yet, as Magic Eden expanded its reach and influence, especially with the rise of Bitcoin Ordinals, the decision was made to leverage the established ME branding.
The ME Foundation aims to represent more than just NFTs, potentially adopting fungible token standards in the future. This strategic pivot allows room for growth beyond the NFT market, supporting a versatile community token.
Despite the token's name change, the core principles remain intact. The ME Foundation, a separate entity from Magic Eden, is built on open-source NFT protocols initially developed by Magic Eden. These protocols are available for adoption by other platforms, encouraging widespread use of the ME token.
The Cayman Islands-based Foundation operates independently from the Magic Eden protocol, with a team of two including Foundation Director Matt Szenics and former Magic Eden General Manager Tiffany Huang. It plans to expand as it oversees the token's launch and distribution, fostering growth and adoption of an eventual DAO of ME token holders.