Leading NFT marketplace Magic Eden is shaking up its token plans.
Months after revealing plans to launch a fungible token with the NFT ticker in alliance with a mysterious organization called the Non-Fungible DAO, Magic Eden announced Thursday that it will stick with its existing branding instead: an ME token from the rebranded ME Foundation.
Details on when the ME token will launch and how it will be distributed—including through a potential airdrop to Magic Eden traders who have earned Diamond rewards (aka points)—are still unclear. However, we know that the token will only be claimable through the Magic Eden Wallet on mobile and desktop.
ME Foundation Director Matt Szenics told Decrypt that the original idea behind the “NFT” token name was to effectively claim a ticker that could represent the asset class—that is, non-fungible tokens, or blockchain tokens that represent ownership of unique items like artwork, rare video…
