Magic Eden 🪄 Profile picture
Oct 15 15 tweets 6 min read
🧵After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties on @MagicEden.

Effective later today, we will also begin running a promotion to waive our platform fees.
📣 2/ In addition, we will launch a Creator Monetization Hackathon to develop pro-royalty & alternative creator monetization tools.

Our judges: @aeyakovenko @baalazamon @HeliusLabs @MoonRankNFT @flawmz @immature69 @statikdev

We will put up to $1M in prize money. More to come.
3/ This is not a decision we take lightly. We understand this move has serious implications for the ecosystem.

We also hope it is not a permanent decision. Today, royalties are not enforceable on chain.

We welcome and hope to see new standards that protect royalties.
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.
5/ We have actively been trying to avoid this outcome and spent the last few weeks exploring different alternatives.

Unfortunately, royalties are not enforceable on a protocol level, so we have had to adapt to shifting market dynamics.
6/ How will optional royalties work?

We’ve consulted with traders and creators, and have come up with the following trading experience:

- The decision on how much royalties to pay will be passed to the buyer

- By default, ALL collections/listings will honor full royalties
7/ Our rationale for shifting royalties payments to the buyer is to make sure the buyer has full understanding of whether they are going to receive the benefits that creators provide (Discord, staking etc).
8/ As the buyer, you can choose to set your royalties in multiple ways.

You can change the settings on your user profile under your wallet. The setting will be saved and applied to NFT purchases, including Quick Buy + Pro Trade. We'll implement this for bids next week.
9/ You can also choose how you want to honor the royalties of each NFT in the royalty section of the “Item Details” page.
10/ Finally, you can also change the collection-wide royalty option on the top of each collection’s listings page.

Just hover over the disclaimer, and make your decision. Remember, by default you are honoring full royalties.
11/ As the seller, whichever price point you list the NFT at will be the amount of proceeds going into your wallet - as indicated through “You’ll Receive”.
12/ We are going to review our marketplace fee structure. For the foreseeable future, Magic Eden will not be making any % of any sales.
13/ Again, we hope that this decision is not permanent.

If you are working on pro-royalty tools or alternative business models, we want to hear from you. Please reach out via Twitter DMs or on
14/ We'll be hosting a town hall in around 40mins with our founders to understand your points of view. We are more open to your ideas. Please join us.…
15/ So @Twitter decided to shadowban our thread.

For the full announcement please visit @MagicEden and check out our retweeted tweets.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Magic Eden 🪄

Magic Eden 🪄 Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @MagicEden

Sep 13
🧵/ Launching MetaShield:

Royalties are an important revenue stream that supports creators and enables them to grow their projects. These royalties are being threatened by marketplaces allowing collectors to set custom royalties.
2/ Given the importance of royalties, we are launching MetaShield in partnership with @coralcubenft to give creators the ability to track SOL NFTs listed with custom royalties and take the actions they see fit to protect their business. Learn more:
3/ MetaShield identifies NFTs listed/traded on marketplaces that bypass creator royalties. Creators can “shield” or take actions as they see fit like updating metadata, flagging the NFT, or blurring the image.
Read 7 tweets
Aug 18
🧵/ We hear the community loud and clear about the @DegentownNFTs collection that launched on Launchpad and have been working behind the scenes to reach a resolution with the original founders and current collection owners.

Our full response:…
2/ The outcomes of this project have disappointed the entire ecosystem. As a platform that aims to bring web3 to the masses, we know the events surrounding @DegentownNFTs contribute towards a narrative that NFTs are dangerous & harmful, which runs counter to our vision as a team.
3/ Our goal is to move towards a brighter future. We have been in contact with the community, the original founders of Degen Town, and the newly-elected Degen Town team to drive towards a resolution. These conversations have taken time, which is why we haven’t spoken up earlier.
Read 11 tweets
Aug 9
🧵/ gm apes.
Heard you’re looking for a marketplace.
We think we can help 🪄

Here's our vision for the best marketplace for apes by apes, powered by $APE on the @apecoin domain, with rewards back to the community 👇🏼
2/ From eating Death Nuts w/ @Herb_Castillo (more to come!) to chatting with @BorednHungry, to reaching out to countless apes over twitter DMs, we’ve taken time to meet the community.

The community wants a marketplace that champions @apecoin members and reduces tx fees.
3/ Our AIP slashes MP fees to 0.75% for the community.

Here’s the math:
- 1.5% base fee per trade
- minus 0.5% discount for trades made with $APE
- minus an additional 0.25% discount for trades made by holders of BAYC, MAYC or BAKC
Read 7 tweets
Jul 22
🧵/ We want to address the conversation on Degen Town and Launchpad. Diving into the expectations of Launchpad, including both our role and the role of the buyer 👇🏼
2/ ME started launching projects in Sep 2021. We want Launchpad to be the destination where the most anticipated projects are brought to market. We offer ops, marketing, and business development support to all collections.
3/ Simultaneously, we understand that the community expects a fair Launchpad that ushers in projects that are good for the ecosystem. The community also expects ME to provide as much transparency as possible on all launches.
Read 9 tweets
Feb 7
🧵We’ve decided to:
1. Derug Balloons @balloonsville_2
2. Refund minters who sold below floor.
3. Offer an option for refund to holders

We consulted with members in the community and think this approach will serve the community most effectively. Learn more 👇
1/ For holders who bought in and still believe in the project. We will derug the project and offer 5,000 SOL from our treasury (same as the mint) to fund the roadmap for this project. All creator royalties will flow to a new address, not to the scammer.
2/ No, we did not sweep the floor before derugging nor is there any insider trading. We are funding the project’s treasury with 5K from our own treasury. All transactions on the blockchain, we’re doing this to help the community, that’s it.
Read 7 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!