Solana NFT Platform Magic Eden Moves To An Optional Royalties Method


Solana-based NFT platform Magic Eden announced on Saturday it’s opting for an optional royalties method for its users. 

EDEN2.jpg

Users will now have the option to pick between giving the creator royalties or not and how much they wish to pay as royalties to creators when purchasing an NFT from the platform.

 

“After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties on @MagicEden,” Magic Eden said in the Twitter announcement. The platform added, “The decision on how much royalties to pay will be passed to the buyer.”

 

By default, the platform stated ALL collections/listings would honor full royalties. However, at the same time, buyers would also have three options to choose from to set their preferred royalty percentages.

 

Buyers would be able to set up their user profile to input a specific royalty percentage payment that will apply to all NFTs they purchase on Magic Eden. Alternatively, they would also be able to select a royalty percentage for a particular collection or a single NFT.

 

Magic Eden further said this new option is not a decision the platform “takes lightly,” and the team understands this move has severe implications for the ecosystem, so they hope it would not be a permanent decision as royalties today are not enforceable on the chain.

 

One other thing the NFT platform mentioned is that it will also waive transaction fees on NFT purchases. The platform charged 2% on every sale.

 

Notably, this new move from Magic Eden comes during the ongoing argument about NFT royalties in the industry. Some individuals believe royalties shouldn’t be enforced on users, while creators say royalties payments are a reward for their efforts on projects.

 

In addition, looking at users’ reactions to the company’s update, some seem rather unimpressed, while others appear to buy the idea of not enforcing royalties.

 

A tweep commented, saying, “This is by far the worst decision you guys could have made. Creators/founders stuck by you through thick and thin. This will send projects to zero and disincentivize new project growth. Consider building a method to enforce royalties rather than giving in.”

 

Another tweep said, “Royalties are stupid and shouldn’t exist. Glad to see platforms taking this approach. Any project that depends on royalties from secondary sales is unsustainable and defined to fail.”

 

Speaking of Magic Eden, in July, the platform announced the establishment of its venture outfit called Magic Ventures, focusing on bootstrapping Web3.0 gaming protocols.

Image source: Shutterstock





Credit: Source link

Discover

19,463FansLike
232,230FollowersFollow
77,437FollowersFollow
13,881FollowersFollow
2,920SubscribersSubscribe

Sponsor

spot_imgspot_img

Latest

Luís Carvalho partners with French Kaporal in upcycling collection

Translated by Cassidy STEPHENS Published Jan 13, 2023 Portuguese creator Luís Carvalho has just unveiled his latest collaboration. After collaborating with brands like Tashi and Salsa, the...

Gussi Protection Plan Upkeep Shampoo and Conditioner Review

A keratin treatment is a costly expense, but it can work wonders for treating frizz and smoothing hair. But, just like any...

Drake Brings Out Keshia Chanté At OVO Festival And Tells Audience She Was His First Girlfriend

Drake put on quite an emotional show at his annual OVO festival...

‘Louis Vuitton Brown’ Is Set to Be a Hot Hair Trend This Summer

Lean into luxury this summer with a rich, dynamic hair color and become a ‘Louis Vuitton brunette.’ The lush color inspired by Louis...

Johns Hopkins set to host free Black Business Showcase for the second year in a row

By Megan Sayles, AFRO Business Writer, Report for America Corps Member, msayles@afro.com The Johns Hopkins Office of Economic Development and Community Partnerships (OEDCP) is...
en English
X