Magic Eden Provides Royalty Update
Magic Eden tweeted out a thread on Friday, discussing its take on royalties and decentralization. Magic Eden made headlines after making royalties on its platform optional for projects.
Magic Eden wrote that "one key trade-off is that holders may not be able to freely transfer the NFT," creating a more centralized platform than some people may intend crypto-related marketplaces to have.
A large portion of the ecosystem will need to recognize and enforce the new set of standards in order for the royalty changes to be properly enforced.
Magic Eden is working with several creators, including the Basic Attention Token, to explore more solutions. The team is continually searching for additional options and solutions to creator monetization.
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