Just last night, NFT market Magic Eden finally officially announced its Token $ME.

There is no doubt that $ME will be the most profitable airdrop that NFT players can expect in recent times. So, what data can we use to give us a preliminary understanding of how much the "Magic Eden diamonds" in our hands will be worth? In today's NFT market, which is already extremely weak, what else is worth looking forward to for Magic Eden?

When will the airdrop come?

Magic Eden's official Twitter account posted a tweet in May, "The token claim product in the wallet will arrive at the end of the third quarter." This is also in line with the statement of the official tweet announcing $ME in the screenshot above, that $ME will be claimed in the Magic Eden wallet.

And if we look back at the official push of Magic Eden, Magic Eden will be officially launched on September 18, 2021 (there was also testing earlier). So, will the $ME airdrop take place on September 18 this year, which is the third anniversary of Magic Eden?

Price prediction?

In June of this year, Magic Eden announced that its NFT series "Magic Tickets" can be burned to redeem "diamond" rewards.

The current redemption of "diamonds" has ended. In a month, the floor price of Magic Tickets was basically stable at around 0.4 SOL, and the lowest level Magic Tickets could be exchanged for 500 diamonds each. If we simply and roughly take the price of $SOL as $140 in that month to estimate, the cost of each "diamond" is $0.112.

But after that, the "diamond" farming activities did not stop but continued, so the price of $0.112 is obviously no longer effective for us now. The editor chose to cite the analysis of @crypto_laodong-the current cost of diamonds is between $0.013 and $0.023.

Since there are no airdrop details and Tokenomics disclosures yet, it is difficult for us to make price predictions for the upcoming airdrop. However, according to my observations at the foreign OTC, foreigners do not seem to be very interested in OTC Magic Eden "diamonds", and some sales orders only appeared a week ago, and the price they want to sell is roughly $0.04-0.05 per "diamond".

Will it be a "big hair"?

Considering the current bleak NFT market, it is hard to say that Magic Eden will be a "big hair". The best target for our reference is naturally Blur + Blast, the FDV of which adds up to less than $2 billion. The reason for not only using Blur to benchmark Magic Eden is that Magic Eden has launched its own wallet "Magic Eden Wallet". Whether from the official statement or action, it is the rhythm of building a full-chain large application ecosystem, so it is more appropriate to include the value of Blast.

Next, Magic Eden is already the No. 1 NFT market at present. Logically, its FDV should be higher than Blur + Blast. However, there is not much time left until the token issuance time we predicted earlier, which may be less than a month. In such a short time, the editor does not think that there will be any big news in the NFT market to ignite everyone's enthusiasm, so even if it is higher than Blur + Blast, it may not be much higher.

However, Magic Eden naturally has its advantages. First of all, Magic Eden is the most active and profitable NFT market now. In the past 30 days, Magic Eden has only 2,000 fewer active users than OpenSea.

But looking at the percentage of active users of each chain, Magic Eden occupies the "most active present" Solana and the "most promising future" Bitcoin.

In the past month, Solana has the most active NFT players. Although Polygon looks bluffing, it has a lot of "Wash Trading". Or to put it simply - there may never be a Polygon NFT project that impresses you, and there hasn't been a new ETH NFT project that has spread widely for a long time. Former NFT players are currently mainly on Solana and Bitcoin when it comes to new projects.

In the past 30 days, Magic Eden also had the highest revenue, reaching $1.8 million, far ahead of OpenSea and Tensor.

Although Magic Eden was challenged by Tensor on its "home" Solana, the two are basically evenly matched, and Magic Eden's own user base forms a "barbell structure" of Solana + Bitcoin. In the Bitcoin ecosystem, Magic Eden currently occupies the top spot in rune trading. Therefore, if runes explode in the future and Magic Eden's rune swap function is launched, they are expected to gain more in the Bitcoin ecosystem.

But will this raise the market price of $ME when it is issued, especially when the rune and even the Ordinals ecosystem are not really thriving? The editor said that he is not very optimistic.

Conclusion

In any case, Magic Eden's airdrop is undoubtedly exciting for NFT players. After all, it is like a rain after a long drought. Moreover, recalling the high "account opening fee" paid to OpenSea at that time, there is no reason not to expect and support the heartwarming benefits given by Magic Eden in the bear market.

Just hope that this "hair" can be bigger and bigger in the end...

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