Magic Create a New NFT-Royalty System

Magic Eden, a Solana NFT trading platform, is conducting Creators Hackathon with a budget of approximately $1 million to encourage the creation of NFT-enabled stocks and monetization methods. 

Magic Eden backup engineers

Magic Eden is a convenient platform for creators and collectors. Magic Eden fosters the improvement of fresh and innovative commerce kinds through creative monetization competitions and supplies instruments for working with partners to create a stable creative situation.

The NFT ecosystem has undergone a dramatic transformation recently, with a new ecosystem for creators and partners.  It provides a suite of tools for creators to monetize their business. However, it seems inevitable that Magic Eden will want to change this trend, as no payments are imposed during the protocol phase.

Magic Eden’s main aim is to help creators focus on their business and generate stable revenue. On the other hand, there is 1 main cause driving hundreds of talented creators to the Web3 marketplace. This is the normal royalty that content-makers receive every time their NFT is traded.

Reported in the Magic Eden’s post on Twitter, the service now applies a user fee for every purchase. However, the royalty payments are still  voluntary. In addition, the Creative Monetization Contest will help creators reduce the commercial enterprise impact of the switch to self-imposed ownership, develop technology that protects return on capital, and explore new ways to grow their business.

A profitable monetization strategy

Artists also need other ways to make money. The other topic covered is about the new monetization system and the way it helps creators cover the initial cost of trying out new monetization strategies. At this point, content creators may consider creating a cash fund or making some of their content available in the market instead of paying royalties.

This system allows us to explore additional revenue potential in large projects. Content makers who have an interesting monetization strategy right now or are looking to copyright protection can sign up for the Hackathon that is held by Magic and leave their email to receive referral revenue and sales info.

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