Skip to content

CryptoVert Blockchain App for iOS

Bitcoin, NFTs, News, and more!

Primary Menu
  • Crypto
  • Blockchain
  • NFT’s
  • Videos
  • Download App
  • Home
  • Crypto
  • Magic Eden Moves to Optional Royalty Model
  • Crypto

Magic Eden Moves to Optional Royalty Model

cryptovert October 15, 2022 2 min read

Solana non-fungible token (NFT) mainstay Magic Eden is moving to an optional royalty model, announced by the marketplace in a Friday night Twitter thread.

The company says it will also be waiving its 2% platform fee, effective later Friday.

The move follows a controversial trend set by other popular NFT marketplaces like X2Y2, which have opted to make royalty payments optional in a bid to attract more users — to the chagrin of most creators.

Read more: An NFT Marketplace Is Letting Buyers Avoid Royalty Payments. Creators Aren’t Pleased

“We hope that this decision is not permanent,” Magic Eden said in the announcement.

Magic Eden’s thread sparked immediate outrage on NFT Twitter. The company hosted a Twitter Spaces 30 minutes after the announcement to field questions from its users.

“It’s also very sad, it’s also very tragic. We did not want to be in this position, but the market has already spoken in regards to optional market royalties,” a Magic Eden representative said. “It was effectively a race to the bottom.”

The company also said it’s putting $1 million towards a fund to create better royalty enforcement tools, and hopes to experiment with “new models outside of royalties” in the future. A representative from Magic Eden said its hand was forced by 60% of NFT traders currently on royalty-optional platforms.

Magic Eden raised $130 million at a $1.3 billion valuation in June.

This is an ongoing story and will be updated.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Continue Reading

Previous: CFTC’s Behnam Calls FTX Idea a Potential ‘Evolution’ in Market Structure
Next: $114M Mango Markets Exploiter Outs Himself, Returns Most of the Money

Related Stories

NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches
2 min read
  • Crypto

NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches

July 5, 2025
Hackers Behind $140M Brazil Banking Heist Turn to Crypto to Launder Their Loot
1 min read
  • Crypto

Hackers Behind $140M Brazil Banking Heist Turn to Crypto to Launder Their Loot

July 5, 2025
BONK Eyes Breakout as ETF Buzz and Burn Trigger Spark Fresh Rally
2 min read
  • Crypto

BONK Eyes Breakout as ETF Buzz and Burn Trigger Spark Fresh Rally

July 5, 2025

You may have missed

NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches
2 min read
  • Crypto

NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches

July 5, 2025
Bank of Canada Identifies Technical Path for Retail CBDC in New Research Paper
3 min read
  • Crypto

Bank of Canada Identifies Technical Path for Retail CBDC in New Research Paper

July 5, 2025
BONK Eyes Breakout as ETF Buzz and Burn Trigger Spark Fresh Rally
2 min read
  • Crypto

BONK Eyes Breakout as ETF Buzz and Burn Trigger Spark Fresh Rally

July 5, 2025
Hackers Behind $140M Brazil Banking Heist Turn to Crypto to Launder Their Loot
1 min read
  • Crypto

Hackers Behind $140M Brazil Banking Heist Turn to Crypto to Launder Their Loot

July 5, 2025
  • Crypto
  • Blockchain
  • NFT’s
  • Videos
  • Download App
Copyright © All rights reserved. | MoreNews by AF themes.