We are rolling out optional royalties on Magic Eden. We do not take this decision lightly--the impact of the zero creator royalty meta has been especially difficult to contend with. We did not want to end up here but had to adapt to market trends so Magic Eden could survive the meta and continue to serve the ecosystem as it continues to evolve.
Q: How does it work?
There will be three options for buyers - full (100%), half (50%), none (0%). Royalties will be set to full (100%) by default.
This selection can be made at the account level (e.g., user can apply to all collections), at the collection level, or for individual items they are looking to buy.
This optional royalty will be on the BUY side only.
Seller experience: They will receive List price less ME's platform fee.
Buyer experience: They will be paying List price plus buyer-selected royalty
At launch, optional royalties will only apply to the BUY flow. Offers/ Auctions will continue as is, where full royalties are enforced and paid by the seller. We may work on these other flows in the coming days.
Q: Why did you choose to make royalties an option for buyers?
We want to put the choice fully on the buyer. As a buyer, you can choose to pay full royalties, or pay less than that but bear the risk of losing out on utilities or perks given by creators. We believe this is a better outcome than the alternative, i.e., sellers making the choice of not paying royalties and buyers inadvertently suffering the consequences.
Q: How will I be able to configure my royalty settings?
You will be able to adjust your royalty settings in four different ways. You can change these settings at any time, and can choose a different setting for every buying flow.
Profile drop-down: Your selection here becomes the default setting for all collection pages you visit. You will see this by clicking on the drop down arrow next to your username on the upper right hand side of our homepage.
Collection page: Your selection here becomes the default setting used when you go through the Quick Buy flow as well as the Multi-buy widget.
Multi-buy widget: This will follow the setting you chose on your profile drop-down or on the collection page, but the royalty setting could also be changed prior to clicking Buy now.
Item-details page: Similar to multi-buy, this will follow the setting you chose on your profile drop-down or on the collection page, but the royalty setting could also be changed prior to clicking Buy now.
Q: Are you going to do optional royalties on Ethereum, too?
We currently do not have a marketplace on ETH and therefore have no listings of our own. This means we cannot and will not be adjusting royalties for ETH.