No whitepaper found

Magic Eden

ME · Magic Eden

UtilityRewards token for the Magic Eden NFT marketplace.

What it is

Magic Eden is a multichain NFT and digital-asset marketplace (originated on Solana, expanded to Bitcoin, Ethereum, Polygon, and Base) that launched ME as its official ecosystem token in December 2024 via the ME Foundation. No project whitepaper exists; token details come from foundation announcements and exchange MiCA filings.

Technology & consensus

ME is a fungible token issued with a 1 billion total supply, distributed over four years (12.5% initial airdrop claim, 37.7% community/ecosystem, remainder to contributors and strategic participants with lockups). It operates across the chains Magic Eden serves rather than powering its own network.

Token utility

ME is stakable for rewards and participation in cross-chain 'Quests' and future airdrops, and is positioned as the ecosystem token for Magic Eden's open-source trading protocols. Since early 2026 the platform directs 15% of revenue into the ME ecosystem, split between token buybacks and monthly USDC payouts to stakers based on staking power.

Key risks & notes

Status: no_whitepaper_found — the project never published a whitepaper; summary grounded in ME Foundation announcements, press coverage, and Kraken's MiCA filing. ME has traded ~95% below its launch price amid a prolonged NFT market downturn, so token value is tightly coupled to marketplace revenue and sentiment.

Primary source

No whitepaper found. The summary below is drawn from the project’s official documentation, site, or repository instead — the substitution is disclosed, not hidden.

Research status

Classification: No whitepaper found · Researched 2026-09-15 · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass CFORA-01 scale — verification, not a quality ranking

Claim type · NFT / gaming token

What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

Holder owns ME, the ecosystem token of the Magic Eden NFT marketplace, overseen by the ME Foundation. The project's MiCA-format whitepaper documents governance through the ME DAO via a vote-escrow (vME) model, with staking for rewards and incentives for cross-chain trading activity. Independent press corroborates the launch and the staking/quests utility.

high confidence

Evidence: [1] · [2]

Verified

Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

Researched: no independent evidence found of an underlying asset or custodian. The whitepaper's utility-token redemption field is explicitly marked not applicable, and the retained team and backer allocations are vesting schedules, not custodied reserves for holders.

high confidence

Unverified

How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

Researched: no independent evidence found of reserve claims or reserve attestation. The 1B supply and allocation schedule are documented, which is distribution transparency, not backing reserves.

high confidence

Unverified

How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

Researched: no independent evidence found of redemption mechanics. The whitepaper explicitly states redemption is not applicable; staking and quests confer rewards, not redemption rights.

high confidence

Unverified

Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

Researched: no independent evidence found of an entity liable for redemption failure. The whitepaper disclaims commitments on future token functionality; the ME Foundation oversees governance, not redemption.

high confidence

Unverified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is Magic Eden (ME)?

What does the holder own?

What is Magic Eden's verification status?

Magic Eden (ME) carries verification class C (Class C): one or more questions are UNVERIFIED — researched, but independent evidence was not found. Unverified is a legitimate result, not a disproof. What would change it: Independent evidence on the unverified questions would move it — that is what UNVERIFIED invites.

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