Magic Eden: Leading the revolution in the cross-chain NFT market, empowering $ME

Magic Eden is a leading cross-chain NFT market that provides multi-chain NFT minting, trading, and asset management functions, aiming to bring users a seamless Web3 trading experience. The platform supports multiple blockchains such as Solana, Ethereum, Bitcoin, and Polygon, and plans to integrate 10 chains by the end of 2024, providing users with a wider range of asset choices and trading possibilities.

 

Through the innovative multi-chain wallet Magic Eden Wallet, users can manage NFT and token assets in one stop, supporting cross-chain transactions, token exchanges, and future financial services such as staking and lending. Magic Eden continues to expand its business scope, transforming from a single NFT platform to a multi-functional on-chain asset trading center.

Magic Eden's goal is to create a comprehensive platform similar to "Binance on the Chain". Through multi-chain support and diversified service layout, users can complete asset transactions and management on all chains without switching multiple DApps, promoting the comprehensive development of the blockchain ecosystem.

 

1. Cross-chain support and multi-chain integration

Magic Eden supports multiple blockchain ecosystems, including Solana, Ethereum, Bitcoin, Polygon, Arbitrum, Base, etc. Users can trade and manage multi-chain NFTs and token assets on the platform. The platform plans to integrate 10 chains by the end of 2024, comprehensively improving the convenience of cross-chain transactions and asset selection.

2. One-stop on-chain asset trading experience

With Magic Eden Wallet, users can easily manage multi-chain NFTs and token assets, achieving a seamless cross-chain trading experience. The wallet not only supports NFT trading, but also adds functions such as token trading and asset cross-chain exchange. In the future, it will also include financial services such as staking and lending, creating a comprehensive Web3 asset management platform.

3. Diversified income sources and growth potential

In addition to NFT market trading, Magic Eden has established a diversified revenue model through services such as token trading and cross-chain asset exchange. Currently, about 20% of its revenue comes from token trading. In the future, with the launch of more financial products (such as pledges and loans), the platform's revenue potential and market share will further increase.

4. Differentiated competition and market leadership

Magic Eden is not only an NFT platform, but also has a significant competitive advantage over single NFT platforms such as OpenSea and Blur through token trading, cross-chain support, and wallet integration. With 22 million + monthly Unique Visitor and $190 million + secondary market transaction volume, the platform has firmly established itself as one of the world's leading on-chain asset trading platforms, with strong market penetration and active level.

 

The total supply of ME tokens is 1 billion, of which the initial circulation at TGE (token generation event) is 12.5%, which is 125 million tokens. The current pre-market price of ME is $4.2, so the initial circulation market value is about $525 million.

The following is an analysis of market value expectations based on benchmark projects.

Benchmark project:

TreasureDAO ($MAGIC), a decentralized NFT ecosystem on Arbitra

Current price: 0.673 dollars

Market capitalization: $185,857,448

Circulating supply: 275,188,528 MAGIC

If the circulating market value of ME reaches the level of TreasureDAO, the price of ME will be about 1.49 dollars, a decrease of about 64.52% from the current price.

NFT Market Tensors Focused on Solana ($TNSR)

Current price: 0.79 dollars

Market capitalization: $99,098,704

Circulating supply: 125,000,000 TNSR

If the circulating market value of ME reaches the level of Tensor, the price of ME will be about 0.79 dollars, a decrease of about 81.19% from the current price.

NFT Market for Professional Traders Blur ($BLUR)

Current price: 0.43 dollars

Market capitalization: $891,621,260

Circulating supply: 2,052,409,860 BLUR

If the circulating market value of ME reaches the level of Blur, the price of ME will be about 7.13 dollars, an increase of about 69.76% from the current price

 

The total supply of Magic Eden's native token ME is 1 billion, and the token distribution will be released within 4 years, of which more than half will be distributed to the community. The specific distribution is as follows:

Initial token airdrop: 12.50 million, 12.5% of total supply

This section will reward users of the Bitcoin, Solana, and EVM ecosystems, all of which will be unlocked during TGE and distributed to users through Magic Eden's mobile dApp. Unclaimed amounts will be returned to ME participants as future rewards as part of the community distribution.

Communities & Ecosystems: 37.70 million, 37.7% of total supply

22.5% is used to reward active users of ME protocol, mainly through reward programs.

15.2% is used for ecosystem development, including enthusiastic advocates and creators who support the agreement.

Contributors: 26.20 million, accounting for 26.2% of total supply

This part will be allocated to project contractors, consultants, and company employees. Over 60% of the tokens will be locked after TGE for at least 18 months and linearly unlocked thereafter.

Strategic participant: 23.60 million, accounting for 23.6% of the total supply

This part is allocated to strategic participants who provide important guidance during the ME Foundation agreement development process. This part will be locked after TGE for at least 12 months and linearly unlocked thereafter.

 

V. Team and financing

Team Info

The Magic Eden team is led by co-founders Lu Tan, Sidney Zhang (CTO), Zhuoxun Yin, and Zhuojie Zhou. The core members come from top technology companies such as Google, Facebook, and LinkedIn, with rich experience in blockchain and product development.

Financing information

Seed round: $2.50 million, October 2021, investors Coinbase Ventures, Alameda Research

Series A: $16.90 million, March 2022, investors Paradigm, Sequoia Capital, Electric Capital, etc

Series B: 130 million USD, June 2022, Valuation 1.60 billion USD, Investors Electric Capital, Greylock, Paradigm, etc