As a researcher with extensive experience in the crypto and NFT space, I have witnessed numerous launches and their subsequent outcomes. The launch of Magic Eden’s token, ME, has been a fascinating study in both successes and challenges.
On its debut, Magic Eden’s newly introduced token experienced a drop in value due to concerns raised by users regarding technical glitches on their mobile application, intricate claiming procedures, as well as other complications.
Magic Eden’s own token, initially valued at $6.70 on December 10th, experienced a surge reaching up to $13.10. However, it subsequently dropped by as much as 67%, bottoming out at $4.30 based on DexScreener’s data.
As a crypto investor, I’m thrilled to share that the price of ME, which had taken a dip earlier, has bounced back significantly. At the time this article was published, it was trading above $8.60.
As a researcher, I encountered numerous user complaints about the airdrop process, which they found excessively complex. They voiced their concerns regarding the process of claiming the token, labeling it as overly intricate. Furthermore, they reported that Magic Eden’s mobile application, essential for the claims process, was plagued with glitches and challenging to navigate.
As an analyst, I’d rephrase that comment as follows: “Users are experiencing issues with my app, specifically they can’t make claims and are abandoning it. However, they seem to be using strong, colorful language to express their frustration, suggesting a level of passion for the product despite its current problems.
“Why make this so complicated — I simply do not understand why you would do this,” another wrote.
Users were unsure if they could obtain the tokens through both desktop and mobile devices, or just on mobile devices alone.
Is it possible to make a claim through the desktop version as well, or is it only available via mobile? The mobile version displays an ‘unclickable claim now’ button, while the desktop version shows ‘stake now.'” (User question about Magic Eden)
Users needed to download the Magic Eden mobile application, use it to scan a QR code displayed on a device like a computer (e.g., laptop), connect their qualifying digital wallets, and finally, secure their assigned airdrop.
Today’s the long-awaited day! Here’s your chance with $ME.
Rather than speculate — Watch the video below and discover how to secure it in just a few minutes.
You have until February 1st, 2025 to claim, or else the unused tokens will be allocated to stakers.
Further details will follow.— Magic Eden 🪄 (@MagicEden) December 10, 2024
Pseudonymous user wale.moca playfully suggested that they’d be willing to forfeit half of their $ME airdrop if it meant they could avoid using this frustrating mobile app forever,” when referring to the original statement made on Dec. 10, in a more polite and professional context.
Additionally, there were numerous complaints about the airdrop claims site occasionally going offline, likely because it was overwhelmed by a sudden surge of visitors trying to get their hands on the promised ME tokens.
Approximately three hours following the activation of the claim, Magic Eden communicated to its users that the problem they encountered had already been fixed.
ME tokenomics
The Magic Eden Foundation, which supports the platform, issued the ME token, boasting a grand total of 1 billion units. A generous distribution of 125 million tokens is set aside for users of the NFT platform, accessible to them through February 1st of the following year.
Out of the original 1 billion units, 12.5% are earmarked for the airdrop, while half (or 50%) is set aside for community rewards. The rest, which amounts to 37.5%, will go to contributors and key partners.
As of its release, the ME token boasts a market cap of $776 million and a fully diluted valuation (FDV), which is calculated as the token’s current value times the total potential supply not yet in circulation, amounting to approximately $5.9 billion.
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2024-12-11 05:06