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.
🧵After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties on @MagicEden.
Effective later today, we will also begin running a promotion to waive our platform fees.
— Magic Eden 🪄 (@MagicEden) October 15, 2022
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.
Want more? Connect with NFT Plazas
Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Decentralised human, Explorer, Adventurer.