Magic Eden, an NFT marketplace, is preparing to airdrop its ME tokens to its community. On Nov.18, the ME Foundation, the organization behind the token, revealed that the token airdrop value is over $300 million.
Details Of The Airdrop
The ME token is a Solana-based cryptocurrency created to support Magic Eden’s ecosystem. In the upcoming token generation event (TGE), the community will collectively receive 125 million ME tokens, which represent 12.5% of the total supply of 1 billion tokens.
Based on the current pre-market , the total value of the airdrop is approximately $312 million. This makes it one of the largest community airdrops of 2024 and places it among the top 20 crypto airdrops ever recorded, according to data from CoinGecko.
The airdrop comes at a time when Magic Eden continues to dominate the on-chain NFT marketplace. With a 33% market share and over $1.12 billion in trading volume over the past six months, the platform is a leader in the Web3 space. The ME Foundation aims to reward loyal users of Magic Eden’s Bitcoin exchange and cross-chain NFT platform.
Additionally, this airdrop mirrors or surpasses allocations by competing platforms. For instance, Magic Eden’s 12.5% community allocation matches that of Tensor, another Solana NFT marketplace, and exceeds Jupiter’s 10% community token allocation.
How Will the Tokens Be Distributed?
The ME Foundation plans to distribute the tokens in phases:
- Initial Airdrop: 125 million tokens will be unlocked at launch for eligible users.
- Future Airdrops: An additional 225 million tokens are for active users of Magic Eden products, allowing them to earn ME tokens through daily activities.
Magic Eden users across Bitcoin, Solana, and Ethereum-based platforms will know their token allocations on the TGE day. To simplify the process, the team will launch an eligibility checker before the event.
ME Token Pre-Market Value Surged 233%
Pre-market prices for the ME token have surged by 233% over the past 24 hours, reaching $2.90 on trading volumes of about $193,000. However, pre-market prices are often volatile, and the actual market value upon launch may differ.
Despite the surge in value, questions remain about the platform’s rewards system. Magic Eden’s CEO, Jack Lu, hinted at converting the existing “Diamonds” rewards into ME tokens but did not provide specifics. Users have expressed frustration over the lack of clarity on the conversion rate and timeline.
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Web3 influencer DFarmer criticized the prolonged announcements, saying, “You know this is what people wanna know, enough with the self-incensing and announcements of announcements.”
Magic Eden began as a Solana-based NFT marketplace but has since expanded to support Bitcoin Runes and NFTs on seven blockchains, including Ethereum.
