Magic Eden announces launch of ME token buyback program

ChainCatcher news, crypto entertainment platform Magic Eden announced today the launch of its first buyback program, a strategic initiative aimed at strengthening coordination between the company, the community, and the ecosystem.

Magic Eden will commit 15% of its NFT marketplace revenue to buy back its native token $ME, and another 15% to purchase NFTs from collections listed on the platform as part of the initial ecosystem support program. All repurchased NFTs will be permanently stored in the on-chain public asset vault “Garden of Eden”.

The token buyback will start immediately, and the NFT buyback program will begin with Solana ecosystem collections, gradually expanding to Bitcoin, Ethereum, Monad, and other public chain ecosystems within 2025.

Magic Eden co-founder and CEO Jack Lu stated: “By allocating a portion of the platform’s revenue to token and NFT purchases, we are directly incentivizing and linking the creators and collectors who have supported us long-term with the broader ME community.”