Magic Eden Modifies The Royalty Model To Keep Control Over Solana NFTs
A Solana-based NFT marketplace called Magic Eden announced that it was converting to an optional royalty scheme and that it would stop charging a 2% platform charge as of October 14.
With the new alternative incentivization approach, the purchaser can choose how much royalties to pay. While all collections will by default honor full royalties, purchasers have the choice of whether and how much to pay.
Magic Eden wrote that, its “rationale for shifting royalties payments to the buyer is to make sure the buyer has full understanding of whether they are going to receive the benefits that creators provide (Discord, staking, etc.).”
The NFT market acknowledged that making the choice was challenging. However, the changing market conditions compelled it to act. Additionally, the Web3 business announced that it would host a $1 million Creator Monetization Hackathon. The effort will concentrate on creating fresh methods for platform producers to earn money from their creations.
Magic Eden: Solana NFT marketplace optional royalties
Recently, Solana-based NFT marketplaces like X2Y2, Yawww, and Solanart launched platforms that allow users to trade NFTs without paying royalties. Apart from these marketplaces, other NFT projects like DeGods also introduced the concept of 0% royalties to the market.
The move has divided the community, with some showing support for the new model the Solana NFT marketplace Magic Eden wants to implement while others criticized it for its treatment of creators.
Magic Eden revealed that NFT marketplaces with this optional royalties model had seen an increase in the number of wallets interacting with their platform.
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