Magic Eden‘s $1M Creator Monetization Hackathon, an initiative launched by the marketplace to collaborate with both artists and ecosystem partners to explore solutions for both royalties and creator monetization, has ended.
The Solana-based NFT marketplace recognized and introduced the winners in a recent blog post.
Regalia, a royalty-tracking and fulfillment platform, ranks first on the list “Future of Royalties Track,” with an $80,000 winning award. The project provides a platform for developers to quickly build their own royalty-tracking solutions. These will then be able to communicate with additional platforms created on top of or connected to Regalia.
In the second category, “Ancillary Revenue Opportunities Track,” AuroraLite, a subscription-based revenue model for Solana projects, takes first place. It allows project developers to give their community a subscription rank that can be purchased within their Discord channel in order to support the project by paying a monthly fee. Subscribers will be given a subscription role and will have access to exclusive content and other benefits.
The third category, “Bonus Bounty – Royalty Tracking API Track,” has CPL Dashboard in the first position, which aggregates royalty payments across all marketplaces in real time.
In addition to these three categories, Magic Eden mentions initiatives that are worthy of consideration and development, such as a DESTRUCT. This project requires that each NFT get a 24-hour countdown that begins when a customer purchases an NFT without royalties. The countdown ends when royalties/fees are paid on the project’s website or when it is sold to someone else with royalties. The project’s monetization is centered on the adjustments that can be done with the countdown and metadata: countdown extension/termination and metadata changes based on the countdown.
After announcing the shift to optional creator royalties, Magic Eden jumped right in to find new ways to enforce royalty-based models and monetization alternatives for creators. The hackathon provided an opportunity to explore new alternatives and support some of the most important ones in their development path.
