Solana-based NFT platform Magic Eden put an end to the community-run copyright debate with an update.
With its latest update, Magic Eden left the right to set the royalty fees to the community. NFT buyers will now set their own royalties to the creators. The platform, which has faced criticism from the community, hopes that these discussions will no longer continue.
NFT Platform Announces Magic Eden New Update
Magic Eden, the Solana network’s largest NFT marketplace, has updated the royalties that users will pay to creators when purchasing products. Users will now be able to set their own royalties on the purchase screen.
In a statement, the company made the following statements;
“The decision on how much royalties to pay will be handed over to the buyer. By default, all collections and lists will pay full royalties.”
According to the company, buyers will determine the royalties in three different ways. There will be a default royalty percentage that will apply to all products on the platform. Users will be able to do this from their profile settings. Alternatively, they will be able to choose a royalty percentage on certain collections or products.
The company said in a statement that it is also waiving transaction fees it receives from NFT purchases. The company, which receives a share of 2 percent from each transaction, stated that it will not take it for the community.
The announcement came during the copyright debate among the community. While a group of people demand the removal of royalties, the supporters of content producers argue that it is necessary.
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