Magic Eden, a Solana non-fungible token (NFT) mainstay, is switching to an optional royalty model, according to a Friday night Twitter thread.
The company also announced that it will waive its 2% platform fee, effective later Friday.
The move follows a controversial trend set by other popular NFT marketplaces like X2Y2, which have opted to make royalty payments optional in a bid to attract more users — to the chagrin of most creators.
The company also stated that it will contribute $1 million to a fund to develop better royalty enforcement tools, and that it plans to experiment with “new models outside of royalties” in the future. According to a Magic Eden representative, 60% of NFT traders currently trading on royalty-free platforms forced the company’s hand.
In June, Magic Eden raised $130 million at a $1.3 billion valuation.