$ME enables rewards, staking, and governance on Magic Eden.
Airdrop faced app issues, triggering user complaints on Magic Eden.
Magic Eden is expanding into a multichain Web3 platform.
Magic Eden is a multichain NFT platform with its native token $ME powering rewards, staking, and governance. Airdrop, tokenomics, and cross-chain growth define its Web3 evolution.
WHAT IS MAGIC EDEN (ME)?
Magic Eden is a multichain NFT marketplace that launched on September 17, 2021, initially on the Solana blockchain. It quickly became the leading NFT trading platform in the Solana ecosystem thanks to its community-first philosophy, creator-oriented tools, and user-friendly design.
The platform offers fast transactions, transparent 2% fees across all blockchains and NFT types, and a robust Launchpad that helps creators mint, market, and launch their NFT projects. Over time, Magic Eden expanded to support Ethereum, Polygon, and Bitcoin, positioning itself as a key player in the Web3 multichain NFT landscape.
⚒️ Team Behind Magic Eden
Magic Eden was founded by a four-person team with diverse Web3 and tech backgrounds:
Jack Lu (CEO) – Formerly at FTX
Sidney Zhang (CTO) – Founding engineer at Uber Eats, AI/tech at Facebook
Zhaoxun Yin (COO) – Former product manager at Coinbase
Zhuojie Zhou (Chief Engineer) – Previously a software engineer at Facebook
Their leadership has been crucial in scaling Magic Eden across multiple chains while maintaining strong community focus.
>>> More to read: What is NFT and How Does It Work?
WHAT IS ME TOKEN?
$ME is Magic Eden’s native token, officially launched on December 10, 2024, via a community-focused airdrop. The token serves several key purposes:
Reward loyal users
Encourage ecosystem participation
Enable decentralized governance
Support multichain asset trading infrastructure
The launch of $ME marks Magic Eden’s evolution from a Solana-based NFT market to a broader multichain platform for all digital assets.
📌 Core Uses Of ME
✅ Trading Incentives
Users earn $ME by actively trading NFTs and tokens across supported blockchains on Magic Eden.
✅ Staking Rewards
Holders can stake their $ME to receive additional rewards and participate in future distributions of unclaimed tokens.
✅ Governance Participation
$ME holders gain voting rights within the ME DAO, influencing proposals, upgrades, and protocol directions.
📌 From $NFT To $ME: Token History
Magic Eden initially planned a token called $NFT in early 2024, meant to enable fully open-source, DAO-driven governance under the Non-Fungible DAO framework. Users received NFT USD points through a reward system, especially those actively trading Solana NFTs.
Seven months later, Magic Eden rebranded $NFT to $ME, reflecting the platform’s shift beyond NFTs to broader cross-chain asset support. The new $ME token was designed to power seamless trading across blockchains and enhance participation in the growing Web3 economy.
MAGIC EDEN (ME) TOKENOMICS & DISTRIBUTION
✅ Total Supply: 1 billion
✅ Initial Circulating Supply: 131.24 million (as of early 2025)
✅ Vesting Period: 4 years
✅ Token Allocation:
TGE Airdrop Claim (12.5%)
Distributed to users across BTC, Solana, and EVM chains. Unclaimed tokens are redirected to stakers as rewards.
Community & Ecosystem (37.7%)
Active User Rewards: 22.5%
Ecosystem Development: 15.2% (including 5% reserved for the ME Foundation treasury)
Contributors (26.2%)
For contractors, advisors, and core team. Over 60% of this allocation is locked for at least 18 months post-TGE.
Strategic Participants (23.6%)
Partners involved in protocol development. Tokens are locked for 12 months and released gradually.
The four-year vesting schedule ensures long-term sustainability and incentivized participation.
>>> More to read: BlueMove: NFT and DEX Super App on Sui Blockchain
MAGIC EDEN (ME) AIRDROP MECHANISM & CONTROVERSIES
🔍Eligibility Criteria:
Organic Usage: Real interactions over wash trading
Cross-Chain Activity: Using multiple blockchains for NFT trades, swaps, and launchpad mints
Loyalty: Long-term usage and consistent engagement as OG users
✏️ Claim Process:
Requires wallet connection and claiming via Magic Eden’s mobile app
Time-limited; unclaimed tokens go back into community reward pools
⚙️ Controversy:
Technical issues plagued the mobile claiming app, including crashes and UI bugs
Mandatory use of the Magic Eden wallet, which some found unreliable or insecure
Reports of failed transactions, wallet errors, and potential scams surfaced on social media
Magic Eden acknowledged the issues and is actively working on fixes, promising that unclaimed tokens will eventually be distributed to stakers.
OUTLOOK FOR MAGIC EDEN (ME)
Magic Eden is transitioning from an NFT marketplace to a multichain asset platform, aiming to support all digital assets across all major blockchains. With its growing cross-chain capabilities and user-centric governance, the platform is positioned as a key Web3 infrastructure player.
➤ Positive Indicators:
Listings on Binance and Upbit enhance liquidity and visibility
Continuous feature updates, staking, and multichain trading support
Integration with gaming, collectibles, and potential RWA (real-world asset) sectors
➤ Risks to Monitor:
Market volatility in NFTs and Web3 tokens
Technical glitches or future rollout issues
Governance effectiveness and community trust post-airdrop backlash
✏️ Conclusion
Magic Eden has grown from a Solana-native NFT platform into a robust, multichain ecosystem within just three years. The launch of the $ME token marks a significant leap forward, embedding utility, governance, and reward mechanisms into its decentralized vision. As the Web3 landscape matures, Magic Eden and ME stand poised to play an increasingly vital role in shaping the future of cross-chain digital asset trading.
>>> More to read: What is a Cross-chain Bridge & Why We Need It
ꚰ CoinRank x Bitget – Sign up & Trade!
Looking for the latest scoop and cool insights from CoinRank? Hit up our Twitter and stay in the loop with all our fresh stories!
〈What is Magic Eden (ME)? The Core of NFT Platform Utility〉這篇文章最早發佈於《CoinRank》。
