NFT Marketplaces LooksRare And Magic Eden Switch Over To “Optional” Creator Royalties
Nonfungible token (NFT) marketplace LooksRare and Solana-based Magic Eden have made the switch over to “optional” creator royalties, a newly launched marketplace that is taking a hard stand against it.
It has been reported that Find Satoshi Lab, the company behind the popular move-to-earn app STEPN, launched its new NFT marketplace named MOOAR on November 1, notably featuring “no optional royalties.”
However, its NFT royalty policy will be set to a default of 2% but allows creators to set royalties between 0.5% to 10%. There is no option for 0% royalties, nor can it be set by the user.
The MOOAR team in a Medium post said:
“With the raging debate going on surrounding the paying of royalties, we are aware that many users have been vocal in opposing the enforcement of such royalties. Fully empathizing with the sentiment, we strongly believe this ‘cancel culture’ has forced marketplaces into a corner to the point that prominent marketplaces have adopted optional royalties.”
The report said that on August 27, Ethereum-based NFT marketplace X2Y2 announced it would be introducing an option that allows buyers to set the royalty fee when buying an NFT. With the new update, buyers on the platform will be given the liberty of setting the number of royalties they want to contribute to an NFT project. This means that some creators may not receive royalties when their artworks are sold.
Likewise, the controversial move was followed by the Solana-based NFT marketplace Magic Eden on October 15, which announced it would also be moving to an optional royalty model after “difficult reflection and discussion with many creators.” Less than two weeks later, on October 27, NFT marketplace LooksRare became the latest to succumb to pressure from buyers, announcing it was doing away with enforcing creator royalties, allowing buyers to choose to pay royalties on an opt-in basis.
Credit card giant Visa has become the latest major company set to cash in on FIFA World Cup-related NFTs, unveiling a charity auction for five NFTs ahead of the upcoming tournament in Qatar. The auction is in partnership with crypto exchange Crypto.com, with all auction proceeds going to Street Child United, a charitable organization promoting the rights of impoverished children.
Thus, each NFT features digital art inspired by icon goals from five famed soccer players, including Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen, and Maxi Rodriguez, and is part of the “Visa Masters of Movement.”