Magic Eden, Solana’s largest NFT exchange sayThat users will now be able to decide how much royalty they want to pay creators when they shop on the website.
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
The company said on Friday that “According to the default settings collection/listings All are set to license at full price.”
According to Magic Eden, buyers have three ways to set the percentage of royalty they want to pay. They can edit their user profile to choose a royalty payment percentage that will apply to all NFTs in Magic Eden, or they can choose a royalty percentage for a specific collection or a single item.
The NFT platform said it was aware this would have a significant impact on the NFT space and expressed hope that it would be temporary.
Magic Eden added that it will waive transaction fees for NFT platform purchases.
The company’s announcement comes amid ongoing debate over NFT royalties, with one side of the discussion being some users arguing that there shouldn’t be a compulsory payment for NFT, but vice versa. Creators say these payments are rewards for their work.
It is important to note that online royalty payments cannot be enforced. Instead, creators rely on marketplaces like Magic Eden to pay a specified percentage of the item’s value for sale.
While SudoSwap immediately became popular for being a royalty-free platform.
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