NFT market Magic Eden switches to optional royalties! Algorithmic Art QQL trading volume surged 540%

As the NFT market continues to prosper, Magic Eden recently announced that it will convert its market to a self-selected royalty model, allowing NFT creators to decide whether to collect royalties. This change provides creators with greater flexibility and control over their work and earnings.

At the same time, significant progress has been made in the field of algorithmic art. As an emerging project on the NFT trading platform, QQL has attracted a lot of attention with its unique artistic style and creativity. QQL’s trading volume has surged by 540% recently, showing the market’s strong interest and demand for algorithmic art.

This trend reflects the diversity and innovation of the NFT market, as well as the positive attitude of creators and investors towards emerging technologies and art forms. As the NFT market continues to mature and expand, we have reason to believe that more creative and valuable projects will emerge to promote the continued prosperity and development of the NFT market.

Solana ecological NFT market Magic Eden issued an announcement on the 15th, announcing the activation of the royalty optional function. NFT buyers can now decide for themselves how much royalties they want to pay to creators when purchasing NFTs from the platform. It is currently open 3 royalty percentage settings including full royalty, half royalty or no royalty.

#Magic Eden royalty free selection setting diagram

Regarding the royalty free selection function, MagicEden tweeted:

"What will happen to the optional royalties? Operation? We consulted traders and creators and came up with the following trading experience:

– The decision on how much royalties to pay will be left to the buyer

– By default, all collections/listings All products will pay full royalties

The reason why we leave the royalty payment proportion to the buyer is to ensure that the buyer fully understands whether they will receive the benefits provided by the creator (Discord, pledge, etc.).”

However, after Magic Eden opened the royalty-free option, it encountered polarizing comments from the NFT community. Supporters believed that this move was beneficial to the long-term and healthy development of the industry, but critics criticized that not paying royalties to creators is similar to "theft".

Beeple, a well-known NFT artist who gave a positive review, said: While I obviously support royalties and don’t like what Magic Eden and other platforms are doing, I do think they make a key change...from seller fees , becomes a perk for buyers, which I think is actually more sustainable in the long term.

However, the opponent and NFT project Broccoli DAO issued a series of tweets arguing that in an immature ecosystem, royalties are necessary. BroccoliDAO pointed out that according to calculations, due to the purchase of NFT on other markets Paying royalties of 0% has resulted in the project losing up to $27,000 in royalties.

Broccoli DAO said that after Magic Eden enables the royalty optional function, it may kill the project because the project relies on royalties to pay part of the team's salary. Therefore, the project has taken active measures to deal with it, including Block anyone who has not paid royalties from accessing the official Discord group in the future because "not paying royalties is stealing".

QQL trading is still active

In addition, although the algorithm-generated art project QQL, which just completed its initial fundraising last month, uses smart contracts to introduce a blacklist function, prohibiting NFT holders from X2Y2, etc. X2Y2 is quite dissatisfied with royalty-free NFT trading platform transactions, criticizing the move as having a negative impact on royalties and the NFT market. However, QQL transactions are still quite popular today.

OpenSea data shows that the floor price of the QQL Mint Pass series of NFTs, which allows holders to create QQL officially certified NFTs, has climbed to 16.5 Ethereum coins, and the transaction volume in the past 24 hours has reached 104 Ethereum coins. In the past 24 hours, The hourly transaction volume increased by as high as 552%, ranking No. 9 in OpenSea in terms of transaction volume.

In this regard, Digi Daigaku CEO Gabriel Leydon said: QQL’s success in blocking X2Y2 is a fatal blow to all royalty-free NFT exchanges. These exchanges violated their social contract and QQL simply moved the agreement into their executable smart contracts.

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