The ME Foundation will launch its Solana-based ecosystem token—ME, which is aligned with leading NFT marketplace Magic Eden—on December 10, a representative told Decrypt.

The airdrop, which traders anticipate may be worth more than $500 million based on pre-market trading prices, will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT marketplace. The token will be claimable exclusively through the Magic Eden Wallet app.

Specifics regarding the conversion of Magic Eden Diamonds, the platform’s existing rewards program, to the ME token have not been revealed. However, the spokesperson said that allocations are expected to be based on factors such as “organic” trading activity, cross-chain trading, and “loyalty” or historical use of eligible platforms.

While users will not find out their allocations until December 10, they will be able to check their eligibility for the airdrop in the days before the claim using a tool that will be released by the ME Foundation.

When the claim officially opens on December 10, 12.5% of the total 1 billion ME supply (125 million tokens) will be immediately unlocked and offered to eligible Magic Eden users to claim. An additional 22.5% of the supply, or 225 million ME tokens, will be set aside to incentivize future use of ME Foundation protocols and related platforms.

The ME token has jumped up to $4.50 in pre-market trading via Whales Market, though trading volume has subsided since additional token details were announced on Monday. At that price, the ME airdrop would reward users with over $562 million on claim day. Coinbase’s pre-market trading platform puts the price lower at $3.41, however.

Magic Eden started as a Solana NFT marketplace, but has since grown to become the leading Bitcoin Runes and NFT exchange while maintaining the highest market share among all NFT marketplaces in the last six months according to data from Tiexo.

Edited by Andrew Hayward

What’s worth millions, taped to a wall, and destined to rot? Hint: It’s art you can’t hang for long.

Maurizio Cattelan’s infamous duct-taped banana art piece, Comedian, fetched an eye-popping $6.24 million, including fees, at Sotheby’s contemporary art auction in New York on Wednesday night.

The sale saw six bidders battle it out before Jen Hua, deputy chairman of Sotheby’s and chairman of Sotheby’s China, placed the winning bid on Tron founder Justin Sun’s behalf. 

The artwork shattered its $1.5 million pre-sale estimate and became its place as one of the most expensive—and controversial—art pieces (or should we say fruit) ever.

Sotheby’s accepted crypto payments for this sale as the market is seeing new heights following Donald Trump’s re-election, with Bitcoin (BTC) soaring to $97,000 on Wednesday.

The crypto entrepreneur, Sun, claimed the artwork in a heated five-minute bidding war that involved six other participants. 

“This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community,” Sun wrote on X, sharing his “banana” experience. 

He announced plans to eat the banana in the coming days as part of what he described as “honoring its place in both art history and popular culture.”

The artwork comprises a real banana affixed to a wall with duct tape, accompanied by a certificate of authenticity and instructions for replacing the fruit as it inevitably decays. 

During the heated auction, Sotheby’s auctioneer Oliver Barker quipped, “These are the words I never thought I’d say, ‘$5 million for a banana.’”

The banana’s rise to infamy in the art scene began in 2019 when one sold for $120,000 at Art Basel. The work became a viral sensation after performance artist David Datuna ate the banana, dubbing his act “Hungry Artist.”

Since then, Comedian has sparked conversations about the absurdity and subjectivity of art valuation.

Justin Sun founded the blockchain platform Tron in 2017. In December 2021, he stepped down as CEO of the Tron Foundation, claiming he had transferred control of the project to Tron DAO, a non-profit decentralized autonomous organization.

Edited by Sebastian Sinclair

The golden arches are getting a pastel makeover for the holiday season.

Fast food giant McDonald’s and Web3-native brand Doodles revealed a collaboration Thursday, featuring custom cups that showcase the Ethereum NFT collection’s colorful, hand drawn style. On top of that, customers can unlock digital collectibles and content, as well as access co-branded physical merchandise.

Dubbed the “GM Spread Joy” campaign, the marketing initiative is being billed as an immersive experience that pays homage to the Crypto Twitter mantra. Available to customers in the U.S., the promotion can be accessed at participating stores among McDonald’s 13,500 restaurants.

The limited-edition cups, emblazoned with pinks and blues amid holiday-themed tableaus, allow customers to access a “pack ripping” experience, McDonald’s said in a press release.

Dovetailing with Doodles’ digital avatars, they contain accessories and apparel for Doodles characters, among other goodies, like access to music videos and Doodles’ animated series. In addition to the original Ethereum NFT collection, Doodles has launched an avatar creation “Stoodio” app on Ethereum layer-2 network Base, where the digital items can be used.

Outside the U.S., where NFT projects haven’t faced intense regulatory scrutiny, the burger chain has used NFTs to promote its purple icon Grimace and launched a metaverse game called My Happy Place. What’s more, McDonald’s tapped The Sandbox, an Ethereum-based metaverse game, to pay tribute to its chicken nuggets.

McDonald’s collaboration with Doodles may represent its biggest step into the NFT space since its American division unveiled McRib-inspired NFTs in 2021. Effectively, McDonald’s was an early adopter of using digital assets as a way to reward customers and cultivate brand loyalty.

Earlier this year, Doodles teamed up with the sportswear powerhouse Adidas, introducing virtual swag packs that let buyers claim exclusive physical apparel. As Doodles’ Chief Brand Officer, some collectibles paid homage to a song created with musician Pharrell Williams.

As part of its holiday promotion, McDonald’s customers can access a track produced by Williams called “Good Mornin,” sung by artist Marley Bleu. Williams, who once worked at McDonald’s, was inspired by internet culture and “viral ‘GM’ memes,” McDonald’s said.

Comprising 10,000 generative profile pictures (PFPs), Doodles features art by Scott “Burnt Toast” Martin. The collection is currently valued at 20,296 ETH ($64 million), according to CoinGecko, with the cheapest NFT from the collection listed for 2 ETH ($6,300) on secondary markets.

Known as the collection’s floor price, the figure climbed as high as 2.7 ETH ($8,500) earlier this week after McDonald’s teased the collaboration on Twitter (aka X).

Edited by Andrew Hayward