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Wednesday, March 22, 2023

Magic Eden Opts For Royalties

Magic Eden is moving to an opt-in royalty system: they’re trying something new so that users don’t have to worry about paying fees on their digital art investment! The use of blockchain technology is growing, but it’s still new. It’s normal that there are challenges with it as it finds its way into the mainstream. One way to make sure that these challenges can be resolved is by experimenting with different models and seeing which ones work best.

Magic Eden is an NFT project that is moving to an opt-in royalty system. The team behind Magic Eden has announced several updates, including a 1% tax on digital art, and the launch of its own cash-out platform for NFTs on the Ethereum blockchain.

Magic Eden looking For Royalties

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Magic Eden will also allow users to purchase digital assets via in-game fiat currency called Ethers, which will be converted into real world dollars before being sent to the seller’s bank account. This means that individuals who don’t have crypto should still be able to participate in Magic Eden’s market if they wish to do so.

Magic Eden is a blockchain-based game similar to CryptoKitties that allows users to create and trade digital art. The Magic Eden platform runs on Ethereum, and it has its own in-game currency called EDENs. Users can earn EDENs by playing the game, which means they could potentially make money just by playing Magic Eden for fun.

In addition to earning EDENs through gameplay, players can also use them as payment for other games on the network—including card games created by other developers who want to integrate with Magic Eden’s ecosystem. As more users join this network, there will be more opportunity for developers who want their games integrated with these payments systems—and therefore more opportunities for new ways of making money from your passion!

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While some platforms, such as OpenSea and Rarebits, have developed their own royalty payment systems, this isn’t the case for all companies. If you want to sell art on CryptoArt.io or Artsy’s new NFT marketplace next year, you will need to pay in cash or cryptocurrency equivalent.

Although artists may choose to sell their work online through auction sites like ArtByte or OpenSea, they aren’t allowed to transfer ownership of their digital art until they are paid off in full. This means that any money raised during the auction is considered a loan until it is paid back with interest after the sale goes through.

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