News Report
October 17, 2022

Solana-based Magic Eden introduces optional royalties

In Brief

Magic Eden introduces optional royalty payments

Buyers can now choose between paying full royalties, half, or none

The marketplace launches the Creator Monetization Hackathon with a $1 million prize pool

Solana-based Magic Eden introduces optional royalties

Solana-based NFT marketplace Magic Eden moves to optional royalties. Starting from October 15, the platform’s users can decide the creator’s royalties when purchasing an NFT. The update is already running, and customers can now change the settings on their user profiles. 

According to a Twitter thread, Magic Eden has been shifting to this feature gradually. The company has consulted with creators and traders before coming up with a final decision. The drastic change might have followed the recent updates on the Hadeswap and Solanart marketplaces, as both Solana-based platforms have introduced optional royalties, which make them strong competitors.

NFT collectors now have the option to choose between paying full royalties, half, or none. However, cutting creator royalties might result in the limitation of utilities or perks introduced by the artists. 

In addition to the update, the marketplace began running a promotion for the removal of platform fees on any sales. Magic Eden is currently working on this feature and plans to introduce it in the foreseeable future. 

Magic Eden also announced the upcoming launch of a Creator Monetization Hackathon. The event is aimed at developers and features a $1 million prize pool. The marketplace encourages the participants to think of alternative creator monetization tools. Among the judges of the hackathon are co-founder of Solana Labs Anatoly Kovenko, Helius Labs, and NFT service Moon Rank.

Royalties have recently been a hot topic in the NFT space, and Magic Eden is not the only company to make changes to the approach to royalties. Royalties offer creators and developers passive income following the launch of NFTs whenever a token gets resold; however, data suggests they are not the main revenue stream for NFT collections. Two projects, DeGods and Y00ts, went royalty-free in early October. Approximately two in five Doodles are also royalty-free.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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