Following the recent launch of the Magic Eden NFT marketplace $ME via a symbolic airdrop, long-time Filipino Solana enthusiasts reported receiving significant rewards, with one even receiving over a million pesos.
What is the meaning: The airdrop demonstrates Magic Eden’s commitment to decentralizing the governance of its platform and encouraging active community participation, making it a noteworthy event for NFT traders, creators, and collectors.
Key details: in a post on facebookGeorge Isaac Asibal, CEO of trade organization ZFT who received criticism for a ₱3,000 cryptocurrency airdrop seminar fee, shared screenshots of his community members receiving large airdrops.
- This includes one individual who received $ME tokens worth ₱1.3 million.
- Another got more than $7,900, or approximately ₱460,000.
- One with $1,900, or about ₱110,000.
- Another with 27 $SOL, with an approximate value of ₱12,000.
What is Magical Eden? It is a decentralized NFT marketplace on the Solana blockchain, renowned for its fast transaction speeds and low fees.
- The platform has since expanded its reach and now supports NFTs on Ethereum, Polygon, and Bitcoin.
- Recently, it introduced a decentralized exchange (DEX) for Bitcoin-based runes that are created as meme coins.
Worth reading: Read about $ME tokenomics and the recent airdrop in this BitPinas article.
The numbers: At the time of writing, CoinGecko Data shows that $ME is currently priced at ₱247.03, down almost 75% since its launch.
How it works: To qualify, users must demonstrate organic activity, cross-chain engagement, and ongoing loyalty.
- Using multiple wallets can also increase a user’s allocation.
- Reward tiers are based on user activity; Greater commitment means greater rewards.
- Claim process: Tokens can be claimed through a time-limited portal.
- Unclaimed tokens will be reallocated.
- However: Some users may not qualify due to insufficient cross-chain activity or inconsistent platform usage, which could result in losing out on rewards.
worth reading: Additionally, there are also other recent steps to expand Solana use cases; In October, Canary Capital filed with the US SEC to launch a Solana spot ETF, becoming the third firm to propose a Solana-focused fund, offering exposure to the cryptocurrency without direct holdings.
This article is posted on BitPinas: Filipino OGs Solana Get Big $ME Airdrops From Magic Eden
What else is happening in Crypto Philippines and beyond?
