Magic Eden Prepares to Airdrop $300M Worth of ME Tokens to Its Community

The ME token is a Solana-based cryptocurrency created to support Magic Eden's ecosystem.

NFT marketplace Magic Eden is getting ready to airdrop its ME tokens to the community. On Nov.18, the organization behind the token, ME Foundation, revealed that the token airdrop is valued at over $300 million.

Here's a closer look at the airdrop details.

The ME token is a Solana-based cryptocurrency created to support Magic Eden's ecosystem. During the upcoming token generation event (TGE), the community will collectively receive 125 million ME tokens. This represents 12.5% of the total supply of 1 billion tokens.

Based on the current pre-market prices, 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 as Magic Eden continues to dominate the on-chain NFT marketplace. The platform boasts a 33% market share and has facilitated over $1.12 billion in trading volume over the past six months, making it a leading force in the Web3 space. The ME Foundation aims to reward loyal users of Magic Eden's Bitcoin exchange and cross-chain NFT platform.

Moreover, this airdrop allocation either mirrors or surpasses that of competing platforms. For example, Magic Eden's 12.5% community allocation matches that of Tensor, another Solana NFT marketplace, and exceeds Jupiter's 10% community token allocation.

Here's how the tokens will be distributed.

The ME Foundation will be distributing the tokens in phases:

On the TGE day, Magic Eden users across Bitcoin, Solana, and Ethereum-based platforms will know their token allocations. To streamline the process, the team will launch an eligibility checker ahead of the event.

The ME Token Pre-Market Value Surged 233%

The 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. It's important to note that pre-market prices can be highly 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 didn't provide specifics. This has left users expressing frustration over the lack of clarity on the conversion rate and timeline.

You Might Also Enjoy: Cardano Midnight Token Airdrop: A Complete Guide

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 started out as a Solana-based NFT marketplace but has since expanded to support Bitcoin Runes and NFTs on seven blockchains, including Ethereum.