Magic Eden Decided To Move To Optional Royalties

Solana’s leading NFT marketplace Magic Eden is the latest to adopt a no-fee approach, following in the contentious footsteps of X2Y2 and others.

Magic Eden’s NFT is switching to an optional royalty scheme, according to a Friday night Twitter thread.

The company also announced that it would waive its 2% platform charge beginning later Friday.

The move follows in the footsteps of other prominent NFT marketplaces, such as X2Y2, which have made royalty payments optional in order to attract more users, much to the disgust of most authors.

Magic Eden said:

“This is not a decision we take lightly. We understand this move has serious implications for the ecosystem. We also hope it is not a permanent decision. Today, royalties are not enforceable on chain. We welcome and hope to see new standards that protect royalties.”

On NFT Twitter, Magic Eden’s message provoked a quick uproar. Thirty minutes following the announcement, the business organized a Twitter Spaces to answer questions from its users.

The company also stated that it will contribute $1 million to a fund to develop improved royalty enforcement tools, and that it plans to experiment with new models outside of royalties in the future.

According to a Magic Eden official, 60% of NFT traders presently trading on royalty-free platforms pressed the company’s hand.

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