In this article, we'll explore the essential aspects of royalties on our EVM platform, helping creators to understand how their work is safeguarded and rewarded.
Royalties enforcement mechanism
At Magic Eden, we are committed to enforcing royalties to uphold the rights of creators. We utilize Limit Break's Payment Processor v4, a robust royalty-enforcing marketplace protocol. Creators can enforce royalties via ERC721C.
ERC721C: Integrates this standard to enforce royalties seamlessly, enhancing the integrity of creators' creations.
Native listings and royalty enforcement
For ERC721C Collections, Magic Eden will prioritize royalty enforcement, with 100% of native listings subject to royalty enforcement. There will be no change in terms of the preset royalty percentage and the receiver address. While we aggregate listings from other marketplaces for user convenience, it's essential to note that we cannot control royalties on those listings. Creators are advised to block non-royalty-respecting marketplaces to maintain 100% royalty protection.
For other collections that are not on ERC721C, creator royalties will be optional. It will be decided by the sellers upon listing on Magic Eden. They could select to pay 0, half, or full royalty to the Creator.
Summary
If the Collection's contract adopts ERC721C, then royalties may be enforced. More specifically:
if the collection only allows PPv2 as payment-processor, then it is enforced;
if the collection allows Seaport as payment-processor, then royalties may not be enforced depending on the authorizer.
If the Collection's contract does not adopt ERC721C, then although creator royalties may be set in the contract, it is not enforced by the marketplace (whether it is ME, or anyone else for that matter).
Action item for ERC721C collections
Magic Eden encourages the owners of ERC721C collections to create an account on our self-service Creator Hub here to manage future collection changes.
Owners can also make use of the 1-click migration tool as shown in the screenshot below after logging in and connecting the owner’s wallet:
Further exploration and guides for creators
For a more in-depth look at royalties on Magic Eden's EVM platform, including detailed information and guides on applying royalties, we invite you to explore our companion article: Setting Up Royalties on Magic Eden's EVM Marketplace
If you have any further questions or need assistance, don't hesitate to reach out to our support team via the chat widget on our platform.