Magic Eden enables the optional royalty function, will 0 royalty be the standard configuration in the future?

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Summary:

• Summary:

• NFT buyers on the Magic Eden platform will be able to decide how much royalties they wish to pay creators.

Magic Eden said it hopes the move won't be permanent.

Magic Eden, the largest NFT marketplace on Solana, says users can now decide how much they want to pay creators in royalties when purchasing items from its platform.

According to Magic Eden, "It will now be up to the purchaser to decide how much royalties to pay. By default, all collectibles/items will pay full royalties."

According to Magic Eden, it offers buyers three ways to set the royalty percentage: full royalty, half royalty, or zero royalty. They can edit their user profile to choose the percentage of royalty payouts that apply to all NFTs on Magic Eden. Alternatively, they can select a royalty payment percentage for a specific collection or individual product.

Magic Eden added that it will waive transaction fees for purchasing NFTs and will conduct related marketing activities. The platform previously charged a 2 percent fee on sales.

also,also,Magic Eden to Present Creator Monetization Hackathon

, investing up to $1 million to support the development of NFT-enabled royalty and alternative monetization tools on Solana. According to Magic Eden, the Creator Monetization Hackathon will help reduce the business impact felt during the transition to an optional creator royalty model, and will also incubate tools to protect royalty revenue and explore new monetization models.

Magic Eden’s latest announcement comes amid an ongoing debate over NFT royalties. On one side of the debate are some users who believe that users should not be forced to pay NFT royalties. Creators, on the other hand, say these royalties are rewards for their work.

Notably, royalty payments cannot be enforced on-chain. Instead, creators rely on platforms such as Magic Eden to pay them royalties as a percentage of secondary market sales.

Now, this status quo is being subverted by some platforms. Royalty-free NFT trading platforms such as SudoSwap are popular. In August of this year, X2Y2, one of the markets that launched a "vampire attack" on OpenSea, announced the cancellation of royalties for some NFT series. It is reported that "vampire attack" is a strategy to provide rewards or incentives to users of specific platforms to attract them to other platforms.