One of Solana’s top NFT marketplace Magic Eden has shifted to optional royalties meaning the decision on how much royalties to pay will be passed to the buyer.
“Our rationale for shifting royalties payments to the buyer is to make sure the buyer has a full understanding of whether they are going to receive the benefits that creators provide [Discord, staking, etc], Magic Eden stated in the thread.
The platform also stated that the latest move is a result of the shifting preference for dynamic creator royalties, and hopes to see new standards that protect royalties in the near future.
In order to justify its latest adoption, the platform also illustrated the no. of wallets that have used optional royalty marketplaces to buy or sell NFTs.
We are going to review our marketplace fee structure. For the foreseeable future, Magic Eden will not be making any % of any sales… we hope that this decision is not permanent.
In addition, a creative monetization hackathon to create pro-royalty & alternative creator monetization technologies on Solana would also soon be launched by Magic Eden with up to $1 million investment.
Magic Eden is prepared to provide resources that will help creators deal with a market that is changing quickly because it is a platform dedicated to equally serving both collectors and creators, as stated in the press release.
More Solana NFT Brands Are Opting For Optional/ 0% Royalties
As reported by TronWeekly, the Popular Solana-powered NFT collection DeGod, just made an upgrade to implement a royalty-free policy.
Royalty payments to NFT authors in secondary market trades have been the subject of an ongoing discussion on Crypto Twitter.
The debate intensified after SudoAMM, an Ethereum NFT marketplace from Sudoswap that ignores artist royalties on sales, was introduced and started to gain popularity.
A similar conversation was spurred by Yawww, a Solana NFT marketplace. as well as Solanart, a different Solana NFT marketplace, which similarly introduced a new model in which sellers may choose whether or not to pay artists a royalty charge as well as how much they wish to pay.
Some proponents of the royalties believe that they will restrict artists’ ability to thrive in the Web3 environment.