NFT platform based on Solana Magic Eden Announced saturday is opting for an optional royalty method for its users.

Users will now have the option to choose whether or not to grant royalties to the creator and how much they wish to pay as royalties to creators when purchasing an NFT from the platform.

“After some thought and difficult discussions with many creators, we have decided to move to optional royalties on @MagicEden,” Magic Eden said in the Twitter announcement. The platform added: “The decision on how many royalties to pay will be passed to the buyer.”

By default, the platform stated that ALL collections/listings would honor all royalties. However, at the same time, buyers would also have three options to choose from to set their preferred royalty percentages.

Buyers will be able to set up their user profile to enter a specific royalty percentage payment that will be applied to all NFTs they purchase from Magic Eden. Alternatively, they could also select a royalty percentage for a particular collection or single NFT.

Magic Eden further said that this new option is not a decision that the platform “takes lightly”, and the team understands that this move has serious implications for the ecosystem, so they hope that it will not be a permanent decision since the royalties today they are not required in the chain. .

Another thing that the NFT platform mentioned is that it will also resign transaction fees on NFT purchases. The platform charged 2% for each sale.

Notably, this new move by Magic Eden comes during the ongoing discussion about NFT royalties in the industry. Some people believe that royalties should not be imposed on users, while creators say that royalty payments are a reward for their efforts on projects.

Also, looking at user reactions to the company’s update, some seem quite unimpressed, while others seem to buy into the no-royalty idea.

a tweet commented, saying: “This is by far the worst decision they could have made. The creators/founders stuck with you through thick and thin. This will send projects to zero and discourage the growth of new projects. Please consider building a method to enforce royalties instead of giving in.”

another tweet said, “Royalties are stupid and shouldn’t exist. I’m glad to see platforms taking this approach. Any project that relies on royalties from secondary sales is unsustainable and destined to fail.”

Speaking of Magic Eden, in July, the platform announced the establishment of your company team called Magic Ventures, which focuses on bootstrapping Web3.0 gaming protocols.

Image Source: Shutterstock