{"id":501486,"date":"2022-10-17T07:56:23","date_gmt":"2022-10-17T04:56:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-twitter-split-as-another-nft-platform-moves-to-opt-in-royalties\/"},"modified":"2022-10-17T07:56:23","modified_gmt":"2022-10-17T04:56:23","slug":"crypto-twitter-split-as-another-nft-platform-moves-to-opt-in-royalties","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-twitter-split-as-another-nft-platform-moves-to-opt-in-royalties\/","title":{"rendered":"# Crypto Twitter split as another NFT platform moves to opt-in royalties"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a271fa2d0d8c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a271fa2d0d8c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-twitter-split-as-another-nft-platform-moves-to-opt-in-royalties\/#%E2%80%9D_Crypto_Twitter_split_as_another_NFT_platform_moves_to_opt-in_royalties_%E2%80%9C\" >&#8221; Crypto Twitter split as another NFT platform moves to opt-in royalties &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Twitter_split_as_another_NFT_platform_moves_to_opt-in_royalties_%E2%80%9C\"><\/span>&#8221; Crypto Twitter split as another NFT platform moves to opt-in royalties &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4b69a2fe>Solana-based Magic Eden has become the latest NFT marketplace to shift to an optional royalties model, following in the footsteps of X2Y2 in August, albeit reluctantly.\u00a0<\/p>\n<p>Under the optional royalties model, buyers are given the power to set the royalties they want to contribute to an NFT project, meaning there is a chance that some creators may not receive royalties when their artworks are sold.<\/p>\n<p>In an Oct. 14 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MagicEden\/status\/1581101016686399491\">post<\/a>, the NFT marketplace noted that the decision came after &#8220;difficult reflection and discussions with many creators\u201d and came as the \u201cmarket has been shifting towards optional creator royalties for awhile.\u201d <\/p>\n<p>The NFT marketplace shared a graph showing that the number of cumulative wallets using optional royalty marketplaces to buy or sell NFTs skyrocketed in late September. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">4\/ The market has been shifting towards optional creator royalties for awhile. These charts shows the cumulative wallets that have used optional royalty marketplaces to buy or sell NFTs. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wxiU800l2P\">pic.twitter.com\/wxiU800l2P<\/a><\/p>\n<p>\u2014 Magic Eden  (@MagicEden) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MagicEden\/status\/1581101025880334341?ref_src=twsrc%5Etfw\">October 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nHowever, the move has been met with split opinions from <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>&#8217;s NFT community, with some seeing the move as positive for the long-term health of the industry, while others have labeled skipping royalties as akin to &#8220;theft.&#8221;\u00a0<\/p>\n<p>Well-known NFT artist Mike \u201cBeeple\u201d Winkleman pointed out to his 700,000 followers on Oct. 15 that while he doesn\u2019t love what Magic Eden and others are doing, the switch from a seller\u2019s fee to a buyer\u2019s premium could be better for the industry long term.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">while I am obviously pro-royalties and don\u2019t love what <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MagicEden?ref_src=twsrc%5Etfw\">@MagicEden<\/a>  and others are doing, I do think there is one key change that they hit on\u2026 switching from a sellers FEE, to a buyer\u2019s PREMIUM.   i think this is actually much more sustainable long term\u2026 <\/p>\n<p>\u2014 beeple (@beeple) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/beeple\/status\/1581351398259597312?ref_src=twsrc%5Etfw\">October 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Another Twitter user named CaptainFuego, behind Fuego Labs\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fuegoapps\/status\/1581111074728050688?s=46&amp;t=lNXSrtTLTBsotilZGrAPvg\">told<\/a>\u00a0their nearly 10,000 followers that \u201cRoyalties are stupid and shouldn&#8217;t exist. Glad to see platforms taking this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach.\u201d <\/p>\n<p>Others were more critical of the change. Brocolli DAO\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Broccoli_DAO\/status\/1581300578403381248\">argued<\/a>\u00a0that \u201croyalties are needed in an immature ecosystem,&#8221; noting that as per their calculations, they&#8217;ve already lost as much as $27,000 in royalties due to 0% purchases on other marketplaces.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">ROYALTIES:<\/p>\n<p>After Magic Eden&#8217;s announcement that they will be making royalties optional, we have taken proactive measures to protect the integrity of our project.<\/p>\n<p>We&#8217;ve run analytics and determined how much we&#8217;ve lost in royalties to 0% purchases on other marketplaces: <br \/>\/1<\/p>\n<p>\u2014 Broccoli DAO  (@Broccoli_DAO) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Broccoli_DAO\/status\/1581300578403381248?ref_src=twsrc%5Etfw\">October 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cIn future we will be blocking anyone who hasn&#8217;t paid royalties from accessing our Discord channels. Not paying royalties is theft. We will treat it as such,&#8221; they said.\u00a0<\/p>\n<p>Cozy the Caller, a self-proclaimed analyst, made a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cozypront\/status\/1581111888313978881\">grim<\/a> prediction to their 108,000 followers, stating \u201cI can see a scenario in which Magic Eden goes 0% and loses their market share to a marketplace enforcing royalties in an innovative way.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">honestly unreal I don&#8217;t know who is advising magic eden but imagine fumbling a billion dollar company man<\/p>\n<p>I can see a scenario in which magic eden goes 0% and loses their market share to a marketplace enforcing royalties in an innovative way<\/p>\n<p>such a fumble man unreal<\/p>\n<p>\u2014 Cozy \u24e3he Caller  (@cozypront) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cozypront\/status\/1581111888313978881?ref_src=twsrc%5Etfw\">October 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Magic Eden said the change was not taken lightly, and they &#8220;have actively been trying to avoid this outcome and spent the last few weeks exploring different alternatives.&#8221;<\/p>\n<p>Last month, the NFT marketplace attempted to bring forth a royalty enforcement tool called Meta Shield, aimed at deterring NFT buyers trying to skirt creator royalties by giving creators a tool that could flag and blur NFTs that sold bypassing royalties. <\/p>\n<p>Magic Eden noted in its latest post that: \u201cUnfortunately, royalties are not enforceable on a protocol level, so we have had to adapt to shifting market dynamics.&#8221;<\/p>\n<p>In August, NFT marketplace X2Y2  announced they were introducing a similar option that allows buyers to set the royalty fee when buying an NFT. <\/p>\n<p>The move doesn&#8217;t appear to have affected the platform&#8217;s usage; according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nftgo.io\/analytics\/marketplace\">data<\/a> on NFTGo, in the last three months, X2Y2&#8217;s trading volume is ranked first, surpassing OpenSea. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/55e827d4-7d71-4dd1-8a96-fbbe5f7ac42d.JPG\"><figcaption style=\"text-align: center;\">NFT marketplace trading volume data. <em>Source: NFTGO<\/em><\/figcaption><\/figure>\n<p>Cointelegraph has reached out to Magic Eden for further comment but has not received an immediate response at the time of publication.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-twitter-split-as-another-nft-platform-moves-to-opt-in-royalties\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Twitter split as another NFT platform moves to opt-in royalties &#8220; Solana-based Magic Eden has become the latest NFT marketplace to shift to an optional royalties model, following in the footsteps of X2Y2 in August, albeit reluctantly.\u00a0 Under the optional royalties model, buyers are given the power to set the royalties they want&#8230;<\/p>\n","protected":false},"author":1,"featured_media":501487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNzViYWQ2ZDgtOWUxZS00MTA3LWI3ZDktNjE2YmNhNzY5OTdkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74868,95118,92498,73785],"class_list":["post-501486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-defi","tag-nft","tag-solana","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=501486"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501486\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/501487"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=501486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=501486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=501486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}