The non-fungible token (NFT) marketplace Magic Eden (ME) has officially launched a buyback program targeting ME tokens and NFTs. The structure uses part of platform revenue to repurchase tokens and NFTs.
On the 13th (local time), Magic Eden announced on its official X (formerly Twitter) that “15% of NFT marketplace revenue will be used for ME token buybacks, and an additional 15% will be allocated to purchasing NFT collections listed on the platform.”
Purchased NFTs will be stored in an on-chain repository called ‘Garden of Eden’. The company said, “Buybacks will begin immediately, and NFT purchases will start with Solana (SOL)-based collections and then expand sequentially to the Bitcoin (BTC), Ethereum (ETH), and Monad ecosystems.”
The move is described as aiming to strengthen demand for ME tokens and support the NFT ecosystem simultaneously.
Source: https://bloomingbit.io/
