Howdy!
It is important to note that the word “you” means “you”. “Grimace” Unfortunately, the tokens allegedly distributed by McDonald’s were a scam.
If you’re going through a rough week, remember that there are wallets out there holding tens and thousands of DJTs, RTRs, or now GRIMACEs. Anyways:
Magic Eden expands its tokens beyond NFTs
Magic Eden’s newly-created foundation confirmed a forthcoming airdrop for its ME token this morning — but the whole thing felt like a marketing ploy for the new branded wallet.
The public has not been informed of the date, time, or method by which Magic Eden will be airdropped. “snapshot” Diamonds in the account to distribute tokens. When I contacted Matt Szenics, the director of Magic Eden Foundation, he declined to comment about distribution and tokenomics. He said more information would be forthcoming at a later date. “later time.”
What we do know is that the token can only be claimed in the Magic Eden wallet — and users are being not-so-subtly encouraged to download it.
In a release to the press, the Magic Eden Foundation claimed that the token would be able to “incentivize people to use the open source protocols adopted by ME Foundation” — seemingly a reference to the smart contracts undergirding Magic Eden, which the foundation now owns.
Since January, when Magic Eden introduced its points program for tracking users’ loyalty, we’ve known that a Magic Eden Token was on the way. Turning points into token allocations has become the most popular way to carry out airdrops — and has spawned a cottage industry for “points farmers.”
NFT Price Floor’s founder Nicolas Lallement said he believes Magic Eden is using its token-generation event (TGE), as a means to boost wallet downloads, is a “smart play.” He also said that Magic Eden’s wallet and token releases are part a broader “vertical integration” trend among large platforms — Uniswap, with its native token, wallet, and mobile app, is another example.
(I’m sad to say, I got personally suckered into Magic Eden’s wallet advertisement — I just added the wallet to my browser extensions this morning.)
Magic Eden has stated in multiple interviews that it is not limited to NFTs and its new wallet allows token swaps.
Magic Eden CEO Jack Lu informed me that Magic Eden is a NFT-based platform. However, the app has to be developed. “skate where the puck is going” Onboarding new crypto users
You can read between the line: NFTs simply aren’t as popular as they once were. And any retail-focused cryptocurrency app must take into consideration the dominance that memecoins have during the current market cycle.
You can also think of it in this way: Magic Eden will be the biggest NFT platform based on trading volume according to NFTpulse. It’ll start allowing tokens to be traded. Pump.fun is unlikely to have plans to introduce NFT trading.
— Jack Kubinec
Zero In
Crypto trivia: Can you recognize this price chart?
The ORE currency, which is the proof-of work currency that was mined on Solana again earlier this month, has been responsible for the August bloodbath. Some users have complained about the lack of reason to keep mined ORE. And sure enough, it appears that miners are dumping it.
Flipside dashboard data shows that the number of active miners has dropped by thousands during the past two week period.
Hardhat Chad’s currency developer has still spun off a separate company that will develop use cases, such as a recent game that was discussed on the Lightspeed Podcast. We’ll see if ORE can be saved by using cases.
— Jack Kubinec
The Pulse
This is the Elon Musk/Pump.fun cross-over event that you (probably not) knew you were looking for.
Fun fact, apparently: Turns out that Noland Arbaugh of Neuralink fame might be a Pump.fun fan — or, at least, he visited the site and kept his browser tab open.
Wired reported this earlier in the year that Arbaugh, who is Elon Musk’s brain implant startup, was the first to use Neuralink. Arbaugh was paralyzed by a severe spinal injury that occurred in 2016.
He can now perform many functions using the computer interface of Neuralink. According to the article: “I’m constantly multitasking when I’m in sessions or when I’m playing around. I’ll throw on an audiobook or throw something on my TV and then play a game at the same time. It takes very little brain power. What I’m thinking the whole time is just where I want the cursor to go.”
Pump.fun can be added to the list.
Lightspeed reporter Jack has been out in the field asking the hard questions. For now, the tantalizing thought that memecoin trades are the best use of the interface between man and machine remains.
Crypto Twitter reacted as expected to Arbaugh’s tweet. His replies are full of calls to buy their preferred sh*tcoin and suggestions that he launch his own token. They wanted to know (if at any point) what he was buying.
The user wahndo is perhaps the best way to describe the mood: “he’s just like me for real.”
— Michael McSweeney
One Good DM
Message from Brandon TuckerCore contributor at GolfN:
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
