PANews reported on November 14th that NFT marketplace Magic Eden announced on its X platform that, effective immediately, 30% of its secondary market revenue will be used for buybacks; 15% will be used for on-chain ME token buybacks, and the remaining 15% will be used for NFT buybacks, prioritizing NFTs on the Solana chain. Regarding the NFT buyback mechanism, if a particular NFT's transaction volume on Magic Eden reaches 10,000 SOL, then 15% of the fees generated from that transaction will be used to buy back the relevant NFT on Magic Eden. The buyback will be automated, so once sufficient funds are generated to purchase a single NFT, the buyback will proceed immediately. This mechanism will be rolled out across all chains in the coming weeks.