Magic Eden Unveils Plans to Become the Binance or Coinbase of NFTs, but Fully Onchain

CEO Jack Lu has unveiled plans to position Magic Eden as a pioneering platform that enables the trading of cryptocurrencies and NFTs across various blockchains

Magic Eden, a top NFT marketplace, is expanding its horizons by venturing into the realm of cryptocurrency exchanges. This move will culminate in the creation of a platform that enables the trading of both cryptocurrencies and NFTs across multiple blockchains, all within a single app.

CEO Jack Lu has unveiled this grand vision, which is set to distinguish Magic Eden from established crypto exchanges like Binance and Coinbase. While these exchanges operate off-chain, Magic Eden boasts a unique approach by aiming to conduct all transactions on-chain, ensuring transparency and security.

Central to this evolution is the $ME token, which will play a pivotal role in driving Magic Eden's growth.

“Think Binance or Coinbase, but fully onchain,” said Jack. “Soon, Magic Eden will allow users to trade digital assets from various blockchains—all within one app. And the $ME token will be the growth engine powering it all.”

To guide this vision, Jack has outlined five key principles, collectively known as MAGIC, that serve as the platform's guiding light.

These principles prioritize user-friendliness, expanding the types of assets people can trade, and fostering a strong, transparent community around the platform.

Jack highlighted the complexities inherent in the crypto industry, which is characterized by a multitude of platforms and wallets. Magic Eden aims to streamline this experience by offering a user-friendly app and clear onboarding processes for new users.

“We want to make it easier for people to get into crypto by offering a simple and easy-to-use app,” said Jack. “This will help the entire crypto space grow because it will be easier for people to trade and use digital assets.”

By the end of the year, Magic Eden plans to integrate support for multiple blockchains, enabling users to trade a diverse range of assets, including Solana tokens and NFTs, from a single platform across both mobile and desktop devices.

To enhance user engagement and reward their contributions to the platform, the $ME token will play a crucial role in the Magic Eden ecosystem.

A couple of months back, Magic Eden announced the $ME token, revealing that it will be used to power the platform and help it grow. People who hold or use $ME will get benefits, such as rewards for trading or using the Magic Eden app.

The token is designed to keep users engaged by offering incentives, like bonuses or access to special features. It also helps build a strong community because people who are active and stay loyal to the platform over time can earn more rewards.

To further demonstrate Magic Eden's long-term commitment, Jack revealed that the founders will lock their tokens for 18 months, underscoring their dedication to the platform's sustained growth.

Additionally, they aim to reward the platform's dedicated users. Throughout this journey, Jack emphasized the community's pivotal role in shaping Magic Eden's future.

To foster user engagement and feedback, they will be hosting regular community calls. They invite everyone who supports Magic Eden's vision to join them in building a platform that unites the entire crypto ecosystem.