Author: Xiyou, ChainCatcher

Editor: Nianqing, ChainCatcher

“The economic model of the ME token will be announced on November 18.” This was the latest update revealed by Magic Eden CEO Jack Lu during a live broadcast on November 8. This news undoubtedly brings long-awaited hope to the crypto community, marking the imminent realization of Magic Eden's desire to issue tokens.

In the TestME application testing event that ended on November 1, within just three days of its launch, the event attracted over 400,000 wallet addresses actively participating in the claiming process. This event served as a crucial technical validation before the issuance of the ME token, and its successful completion indicates that the TGE (Token Generation Event) for the ME token is not far off.

As the issuance date of the ME token approaches, every step of Magic Eden's progress not only captures the attention of the crypto community but also prompts a reevaluation of the value of the Magic Eden platform and an assessment of its future development potential.

Magic Eden has transformed from an initial single NFT trading platform into a comprehensive ecosystem that integrates wallet services, NFT trading, token trading, and cross-chain bridging among many other functions. This stunning transformation is truly eye-catching.

Soon, users will be able to easily trade various assets across all chains within the Magic Eden DApp, with its rich product features rivaling those of a "decentralized Binance/Coinbase."

Over 400,000 Addresses Claiming TestME Tokens, ME Token Economic Model to be Announced on November 18

As an important driving force within the Magic Eden ecosystem, the ME token has continuously attracted close attention from the crypto market since its announcement in August. Recently, Magic Eden has been very active, first launching the TestME token claiming test on October 29, and then previewing during a live broadcast on November 7 that the economic model of the ME token will be revealed on November 18.

TestME is a test version token carefully crafted by the ME Foundation, designed to familiarize users with the claiming process after the ME token goes live and to provide a final technical validation opportunity for the platform. It has no intrinsic token value and serves merely as a medium for users to understand the ME token claiming process. Through the claiming of TestME, Magic Eden can evaluate the user experience of claiming using the Magic Eden Wallet, ensuring thorough preparation for the official launch of the ME token.

On October 29, the TestME token claiming test was opened. Apart from users in the UK and the US, participants in the TestME token claiming must meet two specific conditions: they must have recently used a wallet on the Magic Eden platform or have had at least one transaction exceeding $100 in the past six months; additionally, some users who have recently traded tokens on-chain were randomly selected. Eligible users only need to download the Magic Eden Wallet to participate in the claiming of TestME tokens.

On the first day of the event, the number of wallet addresses participating in the claiming quickly surpassed 250,000, and the enthusiastic participation propelled the Magic Eden Wallet app to the 69th position in the App Store rankings. The TestME claiming event concluded successfully on November 1.

Although Magic Eden officials have repeatedly emphasized that the TestME token is only for technical testing and has no actual value, and have discouraged users from engaging in speculative trading, the performance of TestME in the secondary market has still been impressive, with active trading and a pre-market price once soaring to $0.58, pushing its market cap over $11 million. As of November 11, the pre-market price of TestME remained around $0.35, indicating strong market interest and anticipation for the ME token issuance.

During the live broadcast on November 7, CEO Jack Lu provided a comprehensive review and summary of the TestME claiming activity. He revealed that within three days of the TestME token claiming event, the number of participating wallet addresses had exceeded 400,000, and a wealth of valuable feedback from users had been received, which is significant for future product optimization and enhancement, helping to identify and resolve any potential issues before the official ME token issuance.

However, the TestME claiming activity also sparked some controversy. Some users felt that Magic Eden's requirement to download its wallet application to obtain the test token was a marketing push for its wallet, making the process somewhat complicated.

Despite this, the TestME claiming activity concluded successfully, marking the completion of the final technical validation for the ME token launch, undoubtedly laying a solid foundation for the official issuance of Magic Eden's native token, ME.

As a utility token within the Magic Eden ecosystem, it is reported that staking functionality will be available from the first day of its launch. The ME token is not only an important tool for incentivizing users and developers but will also drive the continued prosperity and development of the Magic Eden ecosystem. Jack Lu previously stated that the ME token will serve as an incentive medium to encourage users to engage and participate in platform development, with a particular focus on the rights of long-term active users.

The ME token is developed and launched by the ME Foundation, an entity organization, and distributed through the Magic Eden wallet application. Through the incentive mechanism of the ME token, it aims to attract more users, developers, and other stakeholders to actively participate in building the Magic Eden ecosystem.

During the live broadcast on November 7, co-founder Jack Lu officially announced that the ME Foundation will unveil the economic model of the ME token on November 18, at which point users will be able to fully understand the specific distribution of the ME token. Subsequently, the ME Foundation also confirmed this news in an official statement. This announcement undoubtedly injects new vitality and anticipation into the future development of the Magic Eden ecosystem.

Magic Eden Maintains NFT Market Leadership for Six Consecutive Months

Founded in 2021, Magic Eden was initially known as a single NFT trading platform. However, during its third anniversary celebration in September, people were pleasantly surprised to find that Magic Eden successfully transitioned from a single NFT trading platform on the Solana chain to a comprehensive ecosystem operating across multiple chains.

According to the NFT market data report released by CoinGecko in September, Magic Eden's trading volume in August reached $122.47 million, with a market share of 36.7%, ranking first in the NFT trading market for the sixth consecutive month.

Magic Eden was established on September 17, 2021, by Jack Lu, Zhuoxun Yi (a former core member of dYdX), ZhuoJie Zhou, and other seasoned experts in the crypto field. Initially, it was an NFT marketplace focused on Solana, quickly attracting a large number of NFT creators and collectors due to the efficient performance and low fees of the Solana network. With its professional services, innovative features, and smooth user experience, it rapidly became the largest NFT trading market on the Solana chain, handling over 90% of NFT trading volume.

During the market peak in 2022, Magic Eden's trading volume and user activity once surpassed OpenSea, becoming a leader in the NFT space. In June of that year, it completed a $130 million Series B funding round at a valuation of $1.6 billion, bringing its total public financing to $149.4 million.

Of course, Magic Eden also faced periods of downturn and challenges. With the bear market in crypto and the cooling of the NFT market, Magic Eden encountered unprecedented challenges. Additionally, the collapse of FTX had a significant impact on the Solana ecosystem, causing Magic Eden's development to hit a rough patch.

Even in such adversity, Magic Eden not only did not stagnate but also demonstrated its strong resilience and innovative capabilities. It actively expanded the NFT market and implemented a multi-chain operation strategy, such as announcing a partnership with Yuga Labs to develop a new NFT trading market and expanding support for chains like Polygon to cover a broader range of digital assets.

In 2023, with the rise of the new NFT format of Bitcoin Ordinals, Magic Eden once again seized the opportunity with its strong foresight and execution. It quickly adjusted its strategy and actively integrated into the wave of Bitcoin NFTs.

In January, Magic Eden launched the multi-chain wallet Magic Eden Wallet, providing users on networks like Solana, Bitcoin, Polygon, and Ethereum with a convenient one-stop NFT asset management service. Then in March, Magic Eden launched the Bitcoin NFT market, offering comprehensive support for minting, buying, and selling Bitcoin NFTs. With the arrival of the Runes craze in April, Magic Eden quickly launched the Bitcoin Runes platform, further enriching its NFT trading ecosystem.

Driven by the hype surrounding Bitcoin Ordinals and Runes, Magic Eden's trading volume surged. In April alone, the platform completed $486 million in NFT trading volume, with an average of 50% of Ordinals trading occurring on Magic Eden, making it the leader in Bitcoin NFT trading and once again the focus of the industry.

In August, ME Foundation director Matt Szenics disclosed business data indicating that Magic Eden has processed a total trading volume of $6 billion, capturing over 80% of the market share in all Bitcoin Ordinals and Runes markets.

According to the latest data from the NFTPulse data platform on November 11, in the past year, the trading fees captured by the Magic Eden platform reached $58.39 million, accounting for about 60% of the total revenue in the NFT market, making it the highest-grossing NFT market currently.

Data source: https://www.nftpulse.org/marketplaces

Jack Lu stated in a previous public interview that by expanding into new NFT formats like Runes and Ordinals, Magic Eden has outperformed most NFT markets, achieving its best year to date. Compared to 2023, Magic Eden's monthly trading user growth has increased by 200%, and revenue has grown by 639%.

From a Single NFT Trading Platform to a Multifunctional Ecosystem of “Wallet + NFT Trading + Token Swap + Cross-Chain”

Today, Magic Eden has transcended the traditional NFT trading market, evolving from a single NFT trading platform into a comprehensive ecosystem that integrates NFT trading, wallet services, token swaps, and cross-chain functionalities.

While the core NFT business continues to grow steadily, Magic Eden has been continuously exploring and expanding into new business areas.

The multi-chain wallet Magic Eden Wallet, launched in January this year, not only provides users with convenient one-stop support for trading and managing NFT assets across multiple chains but is also set to become a traffic entry point for the future Web3 world. In August, the wallet added token trading functionality, marking Magic Eden's foray into the trading of fungible tokens while supporting NFT transactions. Additionally, Magic Eden is considering further expanding its business into yield-generating services such as staking tokens, offering users more diversified financial services.

Magic Eden's CEO Jack Lu has repeatedly stated that Magic Eden's vision is to create a comprehensive on-chain asset trading platform with functionalities comparable to "on-chain Binance." Through the Magic Eden platform, users will be able to complete all types of asset transactions across various chains.

In addition to supporting all kinds of NFT transactions, including Ordinals and Runes, Magic Eden also offers token trading, asset cross-chain exchange, and other features, comprehensively covering all chains and asset types. It is gradually building a one-stop crypto asset trading center or on-chain aggregated DEX, encompassing diverse functionalities such as trading, lending, and Launchpad, aiming to become a "decentralized Binance/Coinbase."

This means that whether it is NFTs or tokens, regardless of which chain they are on, and whatever type of yield-generating activity (such as lending or staking) users wish to engage in, they only need to discover trading opportunities and complete all asset transactions in an extremely simple manner through the Magic Eden DApp, without needing to download different trading DApps and wallets for each chain.

This transformation of Magic Eden stems from a profound insight into the NFT market and an accurate grasp of the development of crypto trends. With the flourishing NFT market, users' demand for diversified services such as wallets, token trading, and cross-chain exchanges is increasing. Magic Eden has keenly captured this trend and acted swiftly to launch new wallet features that support multiple chains and assets, providing users with a more convenient and secure trading experience.

At the same time, the expansion of services such as token trading and cross-chain exchanges further enriches the product line, building diversified revenue sources beyond NFT trading and providing more possibilities for future growth.

It is reported that currently, about 20% of the revenue on the Magic Eden platform comes from token trading.

Regarding this strategic shift, Jack Lu stated that there will be no reduction in investment in NFTs; instead, investment efforts will be further increased. He also acknowledged that there are many uncertainties in the cryptocurrency market, and by diversifying the business into more categories and use cases, Magic Eden will be more resilient.

Through continuous strategic adjustments and innovative service optimizations, adopting a multi-chain layout and a diversified product strategy, Magic Eden has carved out a unique path in the NFT market, differentiating itself from purely NFT trading platforms like Opensea and Blur.

Currently, Magic Eden has integrated ecological assets from multiple chains, including Solana, Bitcoin, Ethereum, Polygon, Base, Arbitrum, and ApeChain, supporting various NFTs, tokens, and other assets for trading on its platform.

On cross-chain deployment, Magic Eden officials have repeatedly stated that they will complete the integration of 10 chains by the end of this year.

In the future, Jack Lu revealed in an interview that by 2025, Magic Eden will focus on community building, promoting product internationalization, and expanding global business.

With the arrival of the ME token and the current bullish trend in the crypto market, this dual benefit is expected to drive Magic Eden towards a more prosperous and sustainable future.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。