Key Takeaways:
- Magic Eden announces its airdrop, which is set to go live in the upcoming weeks.
- The ME platform will allocate 12.5% of the airdrop tokens towards its community and ecosystem.
- With a market value of $2.78 for each coin, the aridrop for the community is worth 347.50 million dollars.
As the market is in an uproar following Trump’s victory in the US Presidential Election, the M ME Foundation has announced a $312 million airdrop. The details of the ME Token airdrop were announced on Monday. The airdrop is set to reward Magic Eden users as well as the members of the cross-chain NFT platform. In this article, we will look into the details regarding the token distribution, the eligibility criteria for the airdrop, and also about the concerns that have arisen regarding the reward distribution.
Magic Eden Airdrop Overview
The highly-anticipated Magic Eden airdrop is all set to be launched in the upcoming weeks, but the exact date for the launch hasn’t been disclosed yet. However, as per the information from the ME Foundation blog and X, a set amount of 1 billion tokens is set to be distributed through this massive airdrop. The token distribution will occur via Magic Eden’s mobile dApp. This makes it very easy for the users to claim their part of the airdrop.
The Magic Eden community is going to receive 12.5% or 125 ME tokens through this airdrop. Another notable factor is that they will receive about 502 million ME tokens over four years. This has been a piece of exciting news for the members of the ME community. The detailed token allocation for this time’s airdrop is given below.
| Category | Token Distribution |
|---|---|
| Total Airdrop Supply | 1 Billion |
| Initial Airdrop | 125 Million |
| Contributors | 262 Million |
| Community & Ecosystem | 377 Million |
| Strategic Participants | 236 Million |
Possible Pricing & Eligibility Criteria For The ME Airdop
The Magic Eden Airdrop is most likely going to be the biggest airdrop in the last quarters of this year. The ME is now planning to distribute 12.5% of the total allocation directly to its community. Based on the pre-market trading data, the token’s current market value stands at $2.78 each, making the aridrop worth approximately $347.50 million.
As per the announcement made by the Magic Eden, the users will be rewarded ‘ME for trading all assets on all chains, to be debuted via Magic Eden’s reward program”. Additionally, it was also stated that “ME holders have the ability to receive further rewards from staking, contribute to the ME ecosystem, and have governance rights over key protocol development direction.”
To make this easier for you, we have created a step-by-step guide that you can follow to be eligible for the token distribution event.
- Connect your wallet to the Magic Eden marketplace.
- Sign the approval transaction.
- Get some SOL, ETH or BTC. They may be required to purchase NFTs and make offers.
- Earn ‘diamonds’ by purchasing NFTs.
- You can also make collection offers to earn more NFTs.
- To earn ME tokens, trade assets on all chains.
- The users that have significant activity on the Magic Eden wallet can earn 30% boost on the diamonds earned.
- A total of 12.5% of the ME token supply can be claimed by active traders.
- For more information, you can look up Magic Eden on X.
Existing Reward Concerns
Even the community is buzzing with excitement about the prospect of the airdrop, there were significant concerns that were raised by the users. It was mainly due to the transition of the Magic Eden’s existing reward system, Diamonds, to the new ME token. Dfarmer, a Web3 commentator, has actively criticized the lack of clarity surrounding this transition.
In response to this, a ME foundation’s market team clarified that the users can check their token allocations on the day of the TGE (Token Generation Event). There will also be eligibility checker to make the distribution more efficient.
Final Remarks
The Magic Eden had grown significantly since it was introduced into the Solana NFT marketplace. Now, the platform now facilitates NTF trading on 7 different blockchains including Bitcoin and Ethereum. In the on-chain NFT marketplace sector, Magic Eden alone holds 33% market share boasting a trading volume of $1.12 billion in the last 6 months.
Up until now, the X Empire and Hamster Kombat were the ones with the biggest airdrop. However, due to last-minute changes in their reward allocation, many users weren’t satisfied with the airdrops. As for the Magic Eden airdrop, we will soon see how they will handle this massive airdrop.