It is going to be possible for NFT buyers to choose the amount that they want to pay in royalties to creators. Magic Eden hopes that the move will not be permanent.
Magic Eden, the largest NFT marketplace on Solana said that users can now decide how much royalties they want to pay creators when buying items from the site.
The company stated that the buyer will decide how much royalty they will pay. It also said on Friday that ALL collections/listings would honor full royalties by default.
Magic Eden states that buyers have three options to choose their preferred royalty percentages. To select the royalty percentage that will be applied to all NFTs, they can edit their user profiles. They can also choose a percentage royalty for a specific collection or a single item.
It noted that it is aware of the significant implications this move will have on the NFT space and hoped it would be temporary.
Magic Eden also announced that transaction fees will be waived for NFT purchases. The Solana NFT platform charged 2% for sales.
This announcement by the company comes amid ongoing discussions about NFT royalty payments. Some users argue that NFTs should not receive compulsory royalty payments. On the other hand, creators argue that these payments are a reward for their work.
You need to remember that royalty payments can’t be enforced on-chain. Instead, creators rely on Magic Eden to pay a certain percentage of the item’s value in secondary sales.
Some platforms are changing the status quo.
SudoSwap , an NFT-swapper, became popular because they are royalty free platforms.
X2Y2, the marketplace that launched a Vampire Attack on OpenSea in August, announced the elimination of royalties from some collections.
DeGods is a popular NFT collection that Solana users use. Last week, it stopped paying royalty payments. This was especially significant considering previous comments made by the founder of DeGods that dropping royalty payments would make NFTs more costly and open up more opportunities for scam projects. DeGods founder now claims that 0% royalty will soon be the norm for NFT marketplaces.
