Magic Eden has finally released its currency, and it will be launched on Binance.

On the first day, the market value stabilized at more than 5 billion US dollars.

This FDV seems to be very high, but it is not:

Because Magic Eden’s cumulative financing amount Up to 150 million US dollars, and the latest round of financing valuation is as high as 1.6 billion US dollars.

Magic Eden is a really bad project. After completing the financing, FTX went viral. , dragging down Magic Eden, which was originally the Solana ecological NFT platform.

Two years later, although $ME debuted on Binance, the VC buffer was not high.

Compared to $Move, which was listed on Binance during the same period, it can be said to be a huge difference:

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$Move, as a new player in Layer 2, has only raised about 40 million U.S. dollars, less than a quarter of $ME.

Generally, the cost of VC in this situation is only 400 million U.S. dollars at most, maybe less than that.

But the market value of $Move alone is 1.5 billion US dollars, and FDV is even bigger With billions of dollars, VC has more than ten times the buffer.

So the encryption industry is really fond of the new and hates the old. Many of you have used ME, but not many have used Move, right?

In fact, the more essential reason is that NFT is a product of the SEC’s suppression of tokens and ICOs. Today, when encryption is becoming increasingly friendly, NFT as a token The role of currency substitutes will naturally fade.

corresponds to 24In the bull market of 2018, NFT performed dismal:

According to the latest data from CryptoSlam, the highest monthly sales of NFT this year was US$2 billion, mainly due to the inscription Classified as NFT. It is far from the monthly peak of 6 billion that NFT was popular in previous years.

And Bitcoin has been rising this year, but NFT sales have been falling this year. Comparison at the end of the year The sales volume at the beginning of the year was simply at an ankle-high.

Not only is the absolute sales volume of NFT declining, Magic Eden’s market share is also miserable:

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This year’s NFT trading volume is mainly contributed by Blur, and it cannot be ruled out that there will be a lot of brushing volume.

In November, Blur occupied 49% of the market share, ranking first; OpenSea followed with 29.2% of the market share; and Magic Eden It ranks second with a market share of 5.4%.

Now, the circulating market value of $Blur is 680 million US dollars, and FDV is only 1 billion US dollars.

Opensea is even worse. The peak valuation in 2022 was US$13.3 billion. Now it is said that the valuation is only US$1.3 billion, a 90% drop

According to this trend, $ME still has a lot of room for downward adjustment.