Crypto Twitter Splits as Another NFT Platform Moves to Opt-in Fees

Despite moving to an optional royalty model, Magic Eden will still have full royalties set by default for all collections and lists.< /p> New

Solana-based Magic Eden became the latest NFT marketplace to transition to an optional royalty model, following in the footsteps of X2Y2 in August, albeit reluctantly.

Under the optional royalty model, buyers have the power to set the royalties they wish to pay to an NFT project, which means that some creators may not receive royalties when their works are sold.

In an October 14 post, the NFT Market noted that the decision was made after "hard thought and discussion with many creators" and that it came as "the market has been turning for some time. time to optional creator royalties".

The NFT Marketplace has shared a graph showing that the number of cumulative wallets using optional fee marketplaces to buy or sell NFTs skyrocketed in late September.

4/ The market has been moving towards optional copyrights for some time. These graphs show the cumulative portfolios that used optional royalty marketplaces to buy or sell NFTs. pic.twitter.com/wxiU800l2P

However, the move has drawn mixed opinions from Twitter's NFT community, with some seeing it as positive for the long-term health of the industry, while others have called it the jump of "theft" royalties.

Famous NFT artist Mike "Beeple" Winkleman pointed out to his 700,000 subscribers on Oct. 15 that while he doesn't like what Magic Eden and others are doing, moving the seller's commission at buyer's premium might be better for the industry in the long run.

while I'm obviously in favor of royalties and don't like what @MagicEden and others are doing, I think there's a key change they have opted… to move from a FRESH seller, to the buyer's PREMIUM. I think it's actually much more durable l...