Magic Eden launches $1M hackathon to innovate NFT Creator monetization and royalty tools

SAN FRANCISCO, October 14, 2022 /PRNewswire/ — In response to the growing trend away from static creator royalties, Magic Eden, the leading cross-chain NFT platform, announced today that it will launch a creator monetization hackathon with up to $1M Investment to support the development of Pro-NFT royalty and alternative monetization tools on Solana.

As a platform committed to serving collectors and creators alike, Magic Eden is poised to offer resources that enable creators to compete in a rapidly changing marketplace. With the $1M Creator Monetization Hackathon, Magic Eden will encourage the creation of new business models for creators and work with partners to develop tools that support a sustainable creator ecosystem.

CEO and co-founder of Magic Eden Jack Lu commented on today’s news: “We have recently witnessed seismic shifts in the NFT ecosystem. The move away from creator royalties was an unfortunate trend, but one that seems inevitable given the unenforceable nature of protocol-level royalties. It’s a trend that we hope can be reversed in the long term. To accelerate new innovations in copyright business models and royalty protection tools, we operate a $1M Hackathon with the community to develop new creator royalty tools that protect and support creators. We believe this initiative will help us continue our commitment to a creator-centric enterprise. We hope this is only a temporary circumstance and that royalties will return as a consistently viable business model in the future.”

For NFT creators, the potential to earn regular royalties from future sales has attracted thousands of talented creatives to enter the Web3 space. Since royalties are unenforceable on the blockchain and in practice are only payable at the discretion of the platform and collector, users are increasingly choosing to purchase NFTs on platforms that allow them to bypass royalties. Starting today, Magic Eden will also enable optional royalty payments on its platform, allowing NFT buyers to opt for full, half, or no royalty payments. The Creator Monetization Hackathon will help mitigate the business impact felt during this transition to an optional Creator Royalty model, and will also develop tools that protect royalty income and explore new models of monetization.

It is evident that creators need alternative monetization tools, and the second part of the Creator Monetization Hackathon will help cover the initial experimentation costs for creators. Instead of royalties, developers can currently hold part of their offering to bring back to market later, or set up their own liquidity pools. Top projects can also explore additional revenue streams with Boots, a protocol that allows users to create trait/skin based SFTs (semi-interchangeable tokens) for their existing NFTs. Creators who have a compelling monetization model or are researching royalty protection tools can apply to the hackathon for funding and investment support.

For more information on the Creator Monetization Hackathon, follow Magic Eden’s Twitter: @MagicEden.

About Magic Eden
Magic Eden is the leading cross-chain NFT platform driving the next billion users to Web3. Led by former crypto, Tech and Hospitality Leaders, Magic Eden is building a user-friendly platform based on market-leading user products. Magic Eden brings dynamic cultural moments to the blockchain, empowering users in thousands of digital communities to create, discover and collect unique things NFTs. For more information, please visitwww.magiceden.io.

CONTACT: Dillon AraceM Group Communications (On behalf of Magic Eden), [email protected]

SOURCE Magic Eden

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