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News

Magic Eden Domains Launched With New Features

September 6, 2024 - Around 2 mins mins to read

Key Points:

  • Magic Eden domains were introduced with magiceden.io for international users and magiceden.us for US users.
  • The platform faces challenges from a cooling NFT market surpassing $6 billion in total trading volume.
Magic Eden, one of the biggest marketplaces for NFTs, has created separate domain names for its international and US-based users.
Magic Eden Domains Launched With New Features

Read more: Magic Eden Mobile App Expands to Token Swaps with Exciting Update 

Magic Eden Domains for US and International Users

Per the platform, international users will now access the Magic Eden domain through magiceden.io, while US users will use magiceden.us. Magic Eden emphasized that the US domain would continue to offer familiar services while the international domain provides a foundation for expanding new features.

In July, Magic Eden teamed up with D3 Global to apply for the .magic domain name. The Magic Eden domain will enable users to operate one .magic domain on both traditional internet platforms and across Web3 apps. This means that users can operate a single domain as a website or email address and via Web3 services, including digital wallets and verified credentials.

ME Token is Unveiled During NFT Market Slowdown

Magic Eden Foundation launched the highly-anticipated ME token, setting it at the heart of the platform’s ecosystem. Primarily, the new token will serve to power decentralized applications for Web3 users through cross-chain trading in digital assets. This token will also be crucial for community governance in the Magic Eden DAO protocols and Runes platform.

While the total trading volume on the platform has surpassed $6 billion, with Magic Eden commanding upwards of 60% in revenues from NFTs, it is not inoculated against the cooling NFT market. It had fared better compared to immediate rivals like Blur and Yuga Labs, pulling off an all-time high in NFT trading volumes last April. However, this chilling market seems to slowly seep its way into even the biggest names in the space.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.