Solana-based Magic Eden has become the latest nonfungible token (NFT) marketplace to shift to an optional royalties model, following in the footsteps of X2Y2 in August, albeit reluctantly.
Under the optional royalties model, buyers are given the power to set the royalties they want to contribute to an NFT project, meaning there is a chance that some creators may not receive royalties when their artworks are sold.
In an Oct. 14 post, the NFT marketplace noted that the decision came after “difficult reflection and discussions with many creators” and came as the “market has been shifting towards optional creator royalties for awhile.”
The NFT marketplace shared a graph showing that the number of cumulative wallets using optional royalty marketplaces to buy or sell NFTs skyrocketed in late September.
4/ The market has been shifting towards optional creator royalties for awhile. These charts shows the cumulative wallets that have used optional royalty marketplaces to buy or sell NFTs....
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