Magic Eden launches ecosystem token ME

The Solana-based NFT marketplace Magic Eden has launched its ecosystem token ME.

Users can claim ME tokens by linking their cross-chain wallet to the ME Foundation website, the organization developing the ME token, and completing the claim process on the Magic Eden mobile app. They can then stake their ME tokens to participate in cross-chain challenges called Magic Eden Quests and future airdrop opportunities. 

Feb. 1 is the last day to claim ME, after which unclaimed tokens will go to stakers, Magic Eden wrote on the social media platform X Tuesday. 

"The thesis behind ME is that onchain apps are going to win in the long run. It's the purest, most seamless way to use the blockchain," Tiff Huang, director of the ME Foundation, told The Block in an email. 

Magic Eden announced that it would  adopt  its ecosystem token ME in August. The platform released a test token,  TestME , to preview the airdrop claim's overall flow ahead of its launch on Oct. 30. Shortly after its launch, the token accrued a $6 million market capitalization, which suggests high user interest in the actual token, The Block previously reported.