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One of the largest NFT marketplaces in the Web3 space, Magic Eden, which has a total transaction volume exceeding $6 billion, announced that it will soon release its own token. According to a statement from ME Foundation’s X account, this process has officially started. The ME Foundation, which includes some former Magic Eden employees, will issue the token with the code $ME.
Magic Eden’s Token Move
The foundation’s manager, Matt Szenics, refused to disclose the total supply of the ME token, how much will be distributed to investors, or when it will be released, stating that they are working to launch the asset in the coming days. The renowned figure mentioned that token holders could join a decentralized autonomous organization or DAO, but declined to outline its structure.
The ME token will be a rebranded version of a former Magic Eden-related cryptocurrency. In January, the marketplace posted about an immutable DAO and a token named $NFT via X. Szenics also revealed that the upcoming ME token is a rebranding effort. He added that one reason for the name change is Magic Eden’s expansion beyond just NFTs. In January, the NFT marketplace also released its own wallet.
