Solana-based Following X2Y2 in August, Magic Eden has grudgingly become the most recent NFT marketplace to switch to an optional royalty model, as reported by Cointelegraph.
According to Cointelegraph, buyers can choose the amount of royalties they want to contribute to an NFT project under the optional royalties model, which raises the possibility that some creators won’t be compensated for the sale of their works.
The NFT marketplace stated in a post on October 14 that the choice was made after “tough consideration and discussions with many authors” and that the “industry has been transitioning towards optional creator royalties for awhile.”
However, the decision has generated conflicting reactions from Twitter’s NFT community. While some see it as advantageous for the industry’s long-term health, others have compared bypassing payments to “stealing.”
Cointelegraph further informed that despite not liking what Magic Eden and others are doing, well-known NFT artist Mike “Beeple” Winkleman pointed out to his 700,000 followers on October 15 that the shift from a seller’s fee to a buyer’s premium would be better for the business overall.
(With insights from Cointelegraph)
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