Solana NFT platform Magic Eden opts for optional royalty payments

Quick Take

  • NFT buyers on Magic Eden will be able to determine how much they wish to pay as royalties to creators.
  • Magic Eden says it hopes the move will not be permanent.

Magic Eden, the biggest NFT marketplace on Solana, said that users will now be able to decide how much they wish to pay as royalties to creators when purchasing items from the website.

“The decision on how much royalties to pay will be passed to the buyer,” the company said on Friday, adding: “By default, ALL collections/listings will honor full royalties.”

According to Magic Eden, buyers will have three ways to set their preferred royalty percentages. They can edit their user profiles to select a royalty percentage payment that will apply to all NFTs on Magic Eden. Alternatively, they can select a royalty percentage for a particular collection or for a single item.

The NFT platform said it was aware that the move has significant implications for the NFT space, and expressed hope that it will be temporary.

Magic Eden added that it will also waive transaction fees on NFT purchases. The Solana NFT platform had charged 2% on sales.

The company’s announcement comes amid an ongoing debate about NFT royalties. On one side of the debate are some users who argue that there should not be compulsory royalty payments for NFTs. Creators, on the other hand, say these payments are a reward for their work.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and