Solana’s largest NFT marketplace, Magic Eden, will now let its customers choose the percentage they will give to creators in the form of the cost of buying items through the site.
The company also stated:
By default, ALL collections/listings will honor full royalties.
Magic Eden will also waive transaction fees for the purchase of NFTs. The Solana NFT platform charged a 2% commission on sales.
The announcement appeared at a moment when a debate over NFT royalty payments was taking place. Many users think that compulsory royalties for tokens that are not fungible shouldn’t exist. However, creators claim that these payouts are paid for their hard work.
Creators depend on marketplaces like Magic Eden for a particular percentage of the value an item earns while it is sold through second-hand sales.
A few platforms are currently challenging the current status quo.
SudoSwap is an NFT swapper that is gaining popularity due to being a royalty-free platform.
The X2Y2 marketplace, which led to a cyber-attack on the biggest market, OpenSea, announced in August the removal of the royalties associated with certain collections.
This week, Solana’s most famous NFT collection DeGods has ceased all royalty payments. This was seen as a major decision considering the founder of the project stated that removing royalty payments would increase the cost of NFTs and could lead to more scam projects. However, the creator has announced that 0% royalty will soon become the norm for marketplaces for NFT platforms.