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Magic Eden's New Buyback Policy May Only Buy Back Around $20,000 Worth of ME Tokens Monthly
BlockBeats News, January 19th, according to nftpulse data, Magic Eden's transaction volume in the past 30 days was $12.8 million, accounting for 9.1% of the NFT market share. The platform's 30-day revenue was only $267,000, with 74% of the revenue coming from the Solana chain transactions and 25% from the Bitcoin network transactions.
Also, according to CoinGecko data, Magic Eden's platform token is currently priced at $0.253, with a market capitalization of $108 million, a fully-diluted valuation of $253 million, and a 24-hour trading volume of $110 million.
If the NFT market transaction heat remains the same, based on the "15% Revenue Allocation to ME Ecosystem" strategy that will start on February 1st on the Magic Eden platform, the policy will only allocate about $20,000 monthly to repurchase ME tokens.
BlockBeats previously reported that Magic Eden announced that starting from February 1st, 15% of its revenue will be directly invested in the ME token ecosystem. This portion of the revenue will be evenly distributed, with 50% used to repurchase ME tokens on the open market and 50% distributed to ME stakers in USDC form based on staking weights.
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