Two days ago, the Solana-based NFT marketplace Magic Eden had to make a tough decision. In fact, one of its announcements stated the transition to optional creator royalties across the marketplace.
This means that the decision on how much NFT royalties to pay will be passed on to the buyer, who might opt to pay the whole amount, half of the amount, or none at all.
Magic Eden understands how this may be highly discouraging for creators and have an impact on their profits. As a result, one of its next steps will be to hold a $1M Creator Monetization Hackathon, where Magic Eden will collaborate with both artists and ecosystem partners to develop solutions for both royalty enforcement and alternative business models. Magic Eden will then collaborate with the community to fund and publicize these solutions.
Although this is the choice for the time being, Magic Eden is already considering additional solutions that will benefit both producers and purchasers. Some of its tweets solicit community feedback and participation with any new solutions they may have.
Magic Eden has 1.123.706 traders and $1,81B in volume since its inception, making it the fourth-largest NFT marketplace behind OpenSea, Immutable X Marketplace, and X2Y2.
