TechFlow news, November 13 — Magic Eden today announced a large-scale buyback program. Starting immediately, 30% of secondary market revenue will be allocated to buybacks: 15% for on-chain $ME token buybacks and 15% for NFT buybacks (with priority given to collections within the Solana ecosystem). $ME token buybacks will occur on-chain and be stored in publicly visible wallets, while NFT buybacks will be automatically triggered based on trading volume. For example, if a Solana NFT collection generates 10,000 SOL in trading volume on the platform, 15% of the fees collected will be used to repurchase NFTs from that series, which will then be permanently stored in the platform's "Eden Garden." This mechanism will roll out across all supported blockchains in the coming weeks, including collections such as Nodemonkes and Azuki.
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