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Magic Eden’s NFT Marketplace Switches to an Optional Royalty Model

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Magic Eden, a Solana non-fungible token (NFT) mainstay, is switching to an optional royalty model, according to a Friday night Twitter thread.

The business also announced that it will waive its 2% platform charge, beginning later Friday.

The move follows in the footsteps of other prominent NFT marketplaces, such as X2Y2, which have made royalty payments optional in order to attract more users, much to the chagrin of most creators.

“We hope that this is not permanent,” Magic Eden added in the release.

Magic Eden’s thread provoked quick outrage almost immediately on Twitter. Thirty minutes following the announcement, the business organized a Twitter Space to answer questions from its users.

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