Dozens of NFT projects have withdrawn from OpenSea and Blur! Magic Eden establishes royalty alliance. As the NFT market continues to develop, the issue of royalties between NFT project parties and creators has attracted much attention. Magic Eden advocates the establishment of a royalty alliance to provide NFT creators with a fairer revenue distribution mechanism. This article will describe the significance and impact of this alliance and the changes it may bring to the industry in the future. As the NFT market continues to flourish, the issue of royalties will become an important issue in the development of the industry.
MagicEden announced the relaunch of the Ethereum NFT trading market early this morning after announcing its cooperation with Yuga Labs, and also launched a points and potential token issuance plan in order to win more Mainstream NFT market share.
When trading NFT projects on Magic Eden, if a royalty is set, the transaction will charge royalties according to the set rate, unlike Blur and OpenSea, which can adjust royalties.
The Magic Eden team’s philosophy is to create a longer-term development ecosystem for creators, not only in terms of royalties, but also to provide a platform that truly supports their works.
Yuga Labs is the biggest promoter
After parting ways with OpenSea, Yuga Labs cooperated with Magic Eden to promote the current development situation and become the maintenance royalty The biggest supporter of the project. The founders of Yuga Labs said that to celebrate the launch of Magic Eden on the Ethereum market, they will reduce royalties on all series for the next 69 days.
Multiple projects announce joining alliance
Magic Eden has created an alliance to jointly safeguard creator royalties. In addition to the NFT projects under Yuga Labs, there are many other project teams that have announced joining this creators alliance.
y00ts: Announcing the implementation of mandatory royalties, profit-taking as buyback NFT and badges
NEO TOKYO: Will stop supporting OpenSea and blur transactions.
Quirkies: Announced that it will no longer provide trading on other exchanges including OpenSea, blur, looksrare
Degen Toonz: Announced exclusive Ethereum market on Magic Eden Trading options are available on.
Truth Labs: The Goblin team announced that it will stop supporting the market without mandatory royalties in the future.
HYTOPIA: Web3 version of Minecraft, the team currently has no special announcement.
Froggy Friends: The team stated that the trading option will only be provided in Magic Eden.
Shredding Sassy: The team stated that it recognizes the royalty mechanism and will divert business away from trading markets that do not agree with this view.
a KID called BEAST: The team has no special announcements at this time.
CNP Founder: Will stop supporting OpenSea and Blur.
God Hates NFTs: Will stop supporting OpenSea and Blur.
Kitaro World: The team expressed its support for the Magic Eden Alliance.
NFTs targeting these projects or teams can now be traded on Magic Eden by all users for extra points. The latter also very much welcomes other projects to join the alliance in the future to jointly transform the NFT ecosystem into a healthier one.
The impact on NFT projects
When the mechanism for mandatory royalty collection is turned on, it is expected that the use of these will be significantly reduced in the short term due to increased costs. The actual organic transaction volume may not be greatly affected by the behavior of NFT trading volume.
The value of NFT will not be greatly affected by royalties. Whether the project is favored by the market still depends on the development and strategy execution of the project team.
However, you can pay attention to the community's aversion to royalties. If there is no way to easily control it and it turns into an atmosphere of "the project owner just wants to make money", it will indeed have a negative impact on the value of the project itself and the brand image.
On the other hand, OpenSea and Blur, which have lost many blue-chip projects, may reduce some market shares, but the actual impact It still needs to be seen whether more projects will be added in the future to be more significant. We also look forward to the attitude and response of the two in the face of this competition and development.
But it is undoubtedly a plus for Magic Eden: Magic Eden will be the biggest winner, using unique topics and strategies to increase exposure, and at the same time gain access to the trading market for many exclusive projects, adding to its entry into the Ethereum ecosystem. Many unique advantages and momentum, combined with the points plan, have contributed to a powerful market entry strategy, which is a very beautiful move.
In short, Magic Eden uses different strategies to enter the market, which will undoubtedly bring a new atmosphere to the market. Perhaps there will be big changes to the NFT ecology in the future, just like the impact caused by the emergence of zero royalties.
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