Magic Eden unveils ME token, eyeing expansion beyond NFT sector

The NFT marketplace is also planning a pivot to fungible token trading

article-image

Magic Eden and Adobe Stock modified by Blockworks

share

ME Foundation, the entity behind the NFT marketplace Magic Eden, announced the launch of its token ME on Thursday. 

Magic Eden joins a slew of other NFT marketplaces like Blur, LooksRare, X2Y2, Tensor and Sudoswap in launching a token. OpenSea is now the last major holdout in that group.

ME will be claimable via the Magic Eden wallet on mobile and desktop, while details around its supply and distribution will be announced at a later date. US users will not be able to claim ME.  

Magic Eden launched as a NFT trading platform for Solana in 2021, later expanding to Polygon and Base. 

The marketplace saw a significant jump in activity after it integrated Bitcoin NFTs during the Ordinals and Runes hype earlier this year. Since then, Magic Eden’s processed about 80% of all Bitcoin NFT secondary trading volume in the last year, according to NFT Pulse.

Across all chains in the same time period, Magic Eden processed about $2.9 billion (24%) of NFT trading volumes in total.

Amid a depressed NFT market, Magic Eden seems to be pursuing a mobile-centric strategy to pivot beyond NFT trading to enable cross-chain trading of fungible crypto tokens like bitcoin and ether.

Magic Eden’s token announcement comes off the back of its mobile app launch for the marketplace’s native wallet Wednesday, which has at least 250,000 monthly active users. 

The ME token aims to attract users from outside the Magic Eden ecosystem to adopt its open source protocols and token, while also to “incentivize users to trade any asset on the biggest chains at any time,” the official press release said.

The total NFT market cap today sits around $42 billion, still far below its all-time high of $617 billion in May 2022, according to Coinmarketcap.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

More than 75 million U.S. Galaxy owners gain integrated Coinbase One access through Samsung Wallet, with global rollout planned

by Blockworks /
article-image

The central bank signed agreements with firms for fraud, payments, and app services ahead of a potential launch

by Blockworks /
article-image

Experts agree that the shutdown will delay new crypto ETF approvals, but lawmakers seem keen to move ahead with legislative work

article-image

The perp DEX verifies matching and liquidations with custom zero-knowledge circuits and keeps user assets on Ethereum

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /