Magic Eden may want users to claim a token called TestME Tuesday using its digital wallet, but the NFT marketplace is encouraging degens not to do so.

Indeed, the TestME token, as its name suggests, is intended to be a trial and precursor to the Magic Eden Foundation governance token. This token, renamed ME earlier this year, has not yet received a specific release date.

The Magic Eden Foundation will release the simple token on Tuesday to allow its associated NFT marketplace to flex its technical muscles. Although the company encourages users to claim the token if they can, this also cautions users against speculating about what is supposed to be a unique showcase.

The token will not serve as the governance token of the cross-chain NFT marketplace, which was initially teased in January. Instead, the effort is being presented as a test for Magic Eden Wallet, which will be used when the governance token is released later.

The cross-chain NFT market has relied heavily on its digital wallet offering since It is release in November. Supporting fungible tokens, the product’s prioritization coincided with The surge of Magic Eden beyond digital collectibles as the NFT market moves away from its frothy days of 2021 and 2022.

Users who want to claim TestME will need the NFT marketplace wallet, Magic Eden said in a statement. blog post. Residents of the UK and US cannot participate in the rollout.

TestME’s claim window will last two days, allowing users to “familiarize themselves with the token claim process,” Magic Eden said. Additionally, these two days will give Magic Eden the opportunity to review any technical issues.

Citing the token’s lack of “intrinsic value,” Magic Eden said it adopted the token for testing purposes only and “discouraged trading of the token.”

Nonetheless, TestME will likely see activity that reflects similar movements to other projects.

ModelJUPa token released by decentralized exchange aggregator Jupiter as a test for its launchpad in January, became a pseudo-meme coin for a short time. It ultimately wasn’t sustained long-term, but some early traders made money on the Solana token as degens aped before the planned and actual JUP parachute drop.

Magic Eden said distribution of TestME will be limited to those who have used the platform in the last six months. And while users will need a Magic Eden wallet to claim TestME, other types of wallets can be linked to it to provide proof that a user has recently used Magic Eden’s services, the company said.

As Magic Eden entered the NFT marketplace on Solana, the company added support for several other chains, including Bitcoin and Ethereum. Nonetheless, the company considers Solana to be the core of its business, with Solana token trading planned for the platform.

Originally, the Magic Eden Foundation governance token was ready to be called NFT. However, the foundation decided to keep the Magic Eden brand attached to the asset as the platform expanded to support a version of Fungible tokens based on Bitcoin called Runes.

More details on Magic Eden’s governance token, allowing holders to participate in voting on the direction of the platform, are expected to be released following the rollout of TestME. Meanwhile, Jack Lu, CEO of Magic Eden, shared details on his vision for ME’s ultimate role.

“$ME (…) will serve as an incentive layer to continually help onboard, engage and reward all Magic Eden users,” he said. wrote on Twitter (aka X) earlier this month, adding that “the token integration will also reward continued users in the longer term.”

As the Magic Eden Foundation continues its governance token projects, TestME could be just one step in a long technical process. At the same time, simple tokens could generate buzz – and excited wallet users – for what’s to come.

Edited by Sébastien Sinclair