Magic Eden announces the launch of the ME token buyback program

The encrypted entertainment platform Magic Eden today announced 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 repository "Garden of Eden."

Token buybacks will commence immediately, with the NFT buyback program starting with the Solana ecosystem and gradually expanding to Bitcoin, Ethereum, Monad, and other public chain ecosystems within 2025.

Jack Lu, co-founder and CEO of Magic Eden, stated, "By allocating a portion of the revenue generated by the platform to token and NFT purchases, we are creating direct incentives for our creators, collectors, and the broader ME community who support us in the long term."