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Solana NFT Marketplace Magic Eden Revealed Their Switch To Optional Royalty Model

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Magic Eden is a community-focused marketplace for NFTs that funds its own games through an internal gaming division called Eden Games. Magic Eden raised $130 million in a funding round that valued Magic Eden at $1.6 billion back in June of this year. This was covered previously in a news report by RE3W and GFPs. 

The very well known Solana non-fungible token marketplace has just revealed it will be switching to an optional royalty model and said it would waive the 2% platform fee as of October 14th.

The new optional incentivization model will apparently allow the buyer to determine the number of royalties they will pay. While all collections will honor full royalties by default, buyers have the option to decide whether to pay and how much. The transition follows a controversial trend set by other popular NFT marketplaces like X2Y2, which have opted to make royalty payments optional in a bid to attract more users. 

The company also announced it is putting $1 million towards a fund to create “better royalty enforcement tools”, and stated that it hopes to experiment with “new models outside of royalties” in the future. 

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