The move comes after several to bolster user engagement on the platform, such as a reinstated creator royalty system.
"This tooling is different from Open Creator Protocol, which was specifically created to allow creators to incentivize royalty payments through different protocol-enabled mechanisms like dynamic royalties pricing, customized transferability and protected royalties," Magic Eden CEO Jack Lu and Head of Marketing Tiffany Huang told The Block in an email.
The executives added that although Magic Eden fees will be waived until 2023, users can expect transaction discounts between 5%-45% based on the trader's role when the fees return. And although the price of Magic Eden Rewards NFTs are based on market value, the company is working with"ecosystem partners" to add early access invite codes and trading research tools to the roster.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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