Oct 17, 2022 Frank Stewskid

Magic Eden is the latest NFT marketplace to make creator fees optional

Following other platforms similar decisions, Solana-based NFT marketplace Magic Eden announced it will no longer be forcing traders to pay creator royalties. According to an announcement published by the company on Twitter, the NFT market has been shifting towards optional royalties for a while. 

Apparently, the decision comes as an attempt for the platform to keep its leading share of NFT trades on the Solana network, as other marketplaces that have implemented the decision to cut creator royalties have started to take over its leading position. 

According to the Magic Eden team, following consultations with traders and creators, the way it will implement the new decision is by giving control over how much royalties the creator gets to the buyers. Although by default, all collections will be set to honor full royalties, starting next week, traders will be able to change the amount paid by them to creators through their user profile. The setting will be saved and applied to NFT purchases such as Quick Buy and Pro Trade. Besides that, users will be able to choose the amount paid to creators for a specific trade, through the Item Details page of each NFT they purchase. Sellers on the other hand will have the option to choose the amount of funds going directly to their wallet when listing NFTs for sale on the platform. 

Magic Eden also announced plans of reviewing their marketplace fee structure. According to the announcement “For the foreseeable future, Magic Eden will not be making any % of any sales”. Additionally, the platform plans to run a “Creator Monetization Hackathon” developing pro-royalty and alternative creator monetization tools, where participants will compete for up to $1 million in prize money. 

As stated, Magic Eden hopes the decision to make royalties optional won’t be permanent. 

Author:

Frank Stewskid

Frank Stewskid

Last updated: Oct 17, 2022

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