Magic Eden Adopts Optional Royalties

The hottest cross-chain NFT platform, Magic Eden, has decided to switch to optional royalties. Starting later today, the platform plans to launch a promotion to waive its 2% platform fee.

Starting later today, they will also be running a promotion to waive their 2% platform fee.

They assure in their tweet thread that this decision has serious implications for the ecosystem and that they do not take decisions lightly. Magic Eden hopes to see new standards that protect royalties.

They also hope it’s not a permanent decision. Today, royalties are not chain-enforceable.

Magic Eden reveals that the market has been moving towards optional creator royalties for some time. These charts show the cumulative portfolios that used optional royalty marketplaces to buy or sell NFTs.

Magic Eden, also claimed to have actively tried to prevent this outcome and spent the last few weeks researching alternative solutions. Since royalties cannot be applied at the protocol level, they have been forced to adapt to changing market dynamics.

Moreover they revealedHow will optional charges work?

For the foreseeable future, Magic Eden will not achieve any % of sales. They also consulted with merchants and creators and came up with the following commerce experience:

  • The decision on the amount of royalties to be paid will be transmitted to the buyer.
  • By default, ALL collections/listings will honor full royalties.

Additionally, they will launch a creator monetization hackathon to develop pro-royalty and alternative monetization tools with prizes up to $1 million.

Read also : Sudoswap AMM NFT Marketplace Sparks Debate Over Creator Royalties

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