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NFT Marketplace Magic Eden Removes Mandatory Royalties

ByLouis Adams

Oct 17, 2022 #NFTs
Reading time: < 1 minute

NFT marketplace Magic Eden has announced a move to an optional royalty model.

Now, users will now determine their own royalties to the authors of collections when selling NFTs.

Magic Eden has also announced a hackathon to develop alternative tools for monetizing the project with a prize pool of up to $1 million.

According to Delphi Digital, the number of wallets with NFTs has exceeded 6 million. In spite of the current stagnation in the segment, most users made transactions with non-exchangeable tokens for the first time in 2022.