If you’ve been into NFTs, you’ve probably heard about OpenSea and Magic Eden.
Although OpenSea got a head start, Magic Eden has become the go-to destination for NFT traders interested in Bitcoin, Ethereum, and Solana NFTs. And now, Magic Eden released its own rewards program and announced its governance token: $ME.
Ready to learn all about it? Let's dive in.
Overview
- Project: Magic Eden
- Token ticker: $ME
- Blockchain: Bitcoin, Ethereum, Solana & Polygon
- Sector: Non-Fungible Token (NFTs)
- Business Model: NFT trading marketplace
- Similar projects:
What does Magic Eden do?
Magic Eden is an NFT marketplace for NFT creators, collectors, and enthusiasts.
At its core, Magic Eden allows users to discover, buy, sell, and trade NFTs on the Bitcoin, Ethereum, Solana, and Polygon blockchains.
If you're wondering how Magic Eden differs from other marketplaces, such as Tensor, here are some of its unique selling points:
- Bitcoin NFTs: Ordinals is a new innovative way to inscribe data onto the Bitcoin blockchain, creating unique digital assets known as digital artifacts—also referred to as Bitcoin NFTs. While Tensor doesn't provide Ordinal trading, Magic Eden provides a vast and wide selection of digital artifacts to explore.
- Lucky Buy: This feature allows you to take a gamble on your NFT purchase. With Lucky Buy, you can either acquire the selected collectible for a fraction of the price, or receive diamonds instead—as the committed funds will not be returned to your wallet. Either way, it’s a win-win!
- Tokenized trading cards: Magic Eden is also experimenting with real-world assets (RWA). The latest push in this context was the introduction of 100 tokenized Pokémon cards.
What is the $ME token?
Magic Eden announced its reward program, which may be connected to its $ME airdrop.
As a governance token, $ME will most likely allow holders to propose or vote on changes, upgrades, or adjustments to Magic Eden’s platform operations.
As Magic Eden spans across different blockchains, and is always at the forefront of technical innovation, governing the NFT marketplace might depict a rather interesting endeavor.
How to qualify for the $ME airdrop?
Just to reiterate, the full details of the $ME airdrop still haven't been revealed just yet.
However, the Magic Eden rewards program might give us some pointers on how to qualify for a potential $ME airdrop.
The reward program went live on Solana on January 23rd, 2024, and expanded to other blockchains in the following months.
If you’ve traded NFTs on Magic Eden in the past, you’ll be rewarded with retroactive diamond drops. Moreover, both OGs and newbies can earn diamonds by buying, listing, and making offers on the platform. Also, NFT traders can boost their respective diamond collections by qualifying for bonuses:
- 100% loyalty on Magic Eden
- Hot collections trading bonuses
- Bonus diamonds from Diamond Airdrop
Generally, it's speculated that the diamond collection you hold will subsequently correlate to the amount of $ME tokens you'll be airdropped.
Learn more about the Magic Eden rewards program.
When will the $ME airdrop take place?
As of now, the full details of the $ME token and Magic Eden airdrop haven't been revealed, but we’ll be sure to share it here, on social media, and via our app if and when they go live.
⚠️ Beware: During airdrop season, scammers create imitation accounts to trick you into clicking phishing links and wallet drainers. Please exercise caution. Only click on, and visit, links from Magic Eden’s official Twitter account, and do not respond to direct messages from unknown parties related to the $ME airdrop—regardless if you’re on X (formerly known as Twitter), Discord, Telegram, or other platforms.
For more on airdrops, read our Solana airdrops guide.
How to trade $ME with Phantom?
Note: You need to hold SOL in your Phantom wallet to complete this process.
If you’re not eligible for a possible $ME airdrop, you can buy, sell, and trade $ME tokens with Phantom.
After logging-in to your Phantom browser extension or mobile app, select a wallet that holds the tokens you’d like to trade. Next, click on the swap (arrow) tile. In the swap widget, select the token pair you’d like to trade, review the order, then submit.
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go.
How to bridge tokens to Solana with Phantom?
If you'd like to bridge your assets from other blockchains, such as Ethereum and Polygon, you can do so with our Cross-Chain Swapper. Here's how:
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
