{"id":2009,"date":"2022-10-19T01:25:42","date_gmt":"2022-10-19T01:25:42","guid":{"rendered":"https:\/\/nft.incincmedia.com\/?p=2009"},"modified":"2022-10-19T01:25:42","modified_gmt":"2022-10-19T01:25:42","slug":"another-nft-platform-moves-to-opt-in-royalties-making-crypto-twitter-split","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/another-nft-platform-moves-to-opt-in-royalties-making-crypto-twitter-split\/","title":{"rendered":"Another NFT platform moves to opt-in royalties making crypto twitter split"},"content":{"rendered":"\n

October 19, 2022<\/p>\n\n\n\n

By Anjali Kochhar<\/p>\n\n\n\n

Solana-based Following X2Y2 in August, Magic Eden has grudgingly become the most recent NFT marketplace to switch to an optional royalty model, according to a report by Cointelegraph.<\/p>\n\n\n\n

According to Cointelegraph, buyers can choose the amount of royalties they want to contribute to an NFT project under the optional royalties model, which raises the possibility that some creators won\u2019t be compensated for the sale of their works.<\/p>\n\n\n\n

The NFT marketplace stated in a post that the choice was made after \u201ctough consideration and discussions with many authors\u201d and that the \u201cindustry has been transitioning towards optional creator royalties for awhile.\u201d<\/p>\n\n\n\n

\u201cThe 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,\u201d Magic Eden said in a Tweet<\/u><\/a>\u00a0on Oct. 15.<\/p>\n\n\n\n

However, the decision has generated conflicting reactions from Twitter\u2019s NFT community. While some of the crypto enthusiasts see it as advantageous for the industry\u2019s long-term health, others have compared bypassing payments to \u201cstealing.\u201d<\/p>\n\n\n\n

Despite not liking what Magic Eden and others are doing, well-known NFT artist Mike \u201cBeeple\u201d Winkleman pointed out to his 700,000 followers on October 15 that the shift from a seller\u2019s fee to a buyer\u2019s premium would be better for the business overall.<\/p>\n\n\n\n

\u201cwhile I am obviously pro-royalties and don\u2019t love what @MagicEden and others are doing, I do think there is one key change that they hit on\u2026 switching from a sellers FEE, to a buyer\u2019s PREMIUM.   i think this is actually much more sustainable long term\u2026\u201d Beeple said in a tweet.<\/u><\/a><\/p>\n\n\n\n

Brocolli DAO said that \u201croyalties are needed in an immature ecosystem,\u201d noting that as per their calculations, they\u2019ve already lost as much as $27,000 in royalties due to 0% purchases on other marketplaces.<\/p>\n\n\n\n

\u201cAfter Magic Eden’s announcement that they will be making royalties optional, we have taken proactive measures to protect the integrity of our project. We’ve run analytics and determined how much we’ve lost in royalties to 0% purchases on other marketplaces,\u201d Broccoli DAO said.<\/u><\/a> <\/p>\n\n\n\n

About the author<\/strong><\/strong><\/p>\n\n\n\n

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":"

October 19, 2022 By Anjali Kochhar Solana-based Following X2Y2 in August, Magic Eden has grudgingly become the most recent NFT marketplace to switch to an optional royalty model, according to […]<\/p>\n","protected":false},"author":2,"featured_media":2010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2009"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=2009"}],"version-history":[{"count":0,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/2010"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=2009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=2009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=2009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}