Magic Eden, the biggest NFT marketplace on Solana [SOL], with a monthly trading volume of over $87 million, announced its decision to implement an optional royalties structure on its platform. With this, buyers of NFTs on Magic Eden reserve the right to determine how much they wish to pay as royalties to the creators of […]
As to how the new optional royalty structure will run, Magic Eden stated that by default, all NFT collections/listings on its marketplace would honor full royalties. However, “the decision on how much royalties to pay will be passed to the buyer.”
According to Magic Eden, the “rationale for shifting royalties payments to the buyer is to make sure the buyer has full understanding of whether they are going to receive the benefits that creators provide.” NFT buyers on Magic Eden have three ways to set their desired royalty percentages for their purchases.
Firstly, buyers can select a royalty percentage payment from their profiles that would be applied to all their NFT purchases. Furthermore, buyers have the freedom to determine how they want to “honor the royalties of each NFT in the royalty section of the “Item Details” page.” Lastly, they can decide on which NFT from a particular collection they want to pay royalties on., so far this month, trading volume on Magic Eden has totaled $28.27 million. Although just a year old, daily trading volume on Magic Eden represented about 90% of all trades logged across all the NFT marketplaces on Solana.
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