Magic Eden Changes Tactics in its Royalty Payment Plans

Share This Post

Leading Solana focused NFT marketplace, Magic Eden, has performed an about turn on its brutal royalty enforcement process. Now, joining the in crowd by implementing an even more controversial ‘optional-royalty’ model.

Through its new service, Magic Eden will allow buyers to select the desired royalty payment when purchasing their non-fungibles, while additionally waiving their own platform fees for the time being in an apparent act of solidarity. The latest update is intended to remain in place until royalties become enforceable.

The change comes as key competitors recently gained ground on the Solana heavyweight. Essentially, undercutting Magic Eden by allowing buyers to opt out of the additional fee. Therefore, during these times of turmoil, they saw no other alternative than to adopt similar tactics.

Following the news, NFT Twitter descended into one of its mildly entertaining diatribes, seeing folks pick a side in the great royalty debate and battle linguistically over the Twittersphere. Meanwhile, famous artist, Mike Winkleman, took a more measured response by expressing to his legions of fans that putting the onus on the buyer may help the industry in the long term.

Magic Eden hopes the move will help shore up its business and prevent more users from jumping ship. However, the next innovation in NFT sales will likely prove the more powerful antidote.

Source NFT Plazas


Related Posts

Fraggle Rock NFT Trading Cards Storm onto the Flow Blockchain

In a new partnership with Web3 company, ‘Tibles,’ the...

California DMV Drives NFT Car Titles onto the Blockchain

Though still novel, blockchain is being used more within...

Solana NFT Standard Lines Up a Major Overhaul

Some big changes are reportedly coming to Solana. As...

Love hits the Metaverse in The Sandbox Valentine’s Contest

The season of love is upon us and The...

NFTs Set to Shine as the Blockchain Economy Summit Heads to London

Over in the beating heart of the World’s financial...

Yuga Labs Clears the Murky Waters of its NFT Copyright

Yuga Labs is home to some of the most...
- Advertisement -spot_img