In the fast-paced world of blockchain and NFTs, Magic Eden is making waves with their latest announcement. As highlighted in a recent tweet by @ashen_one, the popular NFT marketplace is channeling a portion of its secondary marketplace revenue into buybacks—not just for their native $ME token, but also for NFTs from various collections.

For those new to the scene, a buyback program involves a project or company purchasing its own assets from the open market. This can help reduce circulating supply, potentially driving up value due to scarcity. In Magic Eden's case, they're taking it a step further by randomly selecting NFT collections to sweep floors with their own funds and then vaulting those NFTs, effectively removing them from circulation.

Imagine holding a spot in a limited-edition NFT collection like Claynosaurz, which has a total supply of 10,000. If Magic Eden buys back 100 NFTs every month, that's 1,200 gone in a year—shrinking the supply by 12% and making your remaining NFTs rarer. As the tweet points out, this approach is particularly potent for NFTs because their supplies are tiny compared to tokens, which often number in the billions.

They're also buying back $ME tokens, which could stabilize or increase the token's price over time. What sets this apart is the consistency: Magic Eden aims to make this a regular practice, something that's been lacking in the space until now.

The community reactions in the replies show excitement mixed with curiosity. One user wondered if the bought NFTs would be held or relisted—turns out, they're holding. Others praised the clarity of the explanation, while some shared personal takes on the degen aspects of $ME.

This move could be a game-changer for NFT holders and $ME enthusiasts, aligning marketplace success directly with community benefits. If you're into meme tokens or NFTs, keeping an eye on Magic Eden's progress might just pay off. For more updates on meme tokens and blockchain innovations, stick around at Meme Insider.