Magic Eden makes a controversial NFT decision

Hi frenz,

Earlier this week, the good old-fashioned conversation about creator royalties resurfaced after NFT Marketplace Magic Eden moved to optional royalties. They argued zero-royalty exchanges had a 50% market share and that it was necessary for the company, but .. the facts don't back this.

This move sparked a lot of thoughts and conversations, which even raised the question if creators should start to prevent marketplaces from listing. Magic Eden hosted a Twitter space to explain themselves, but that didn't go smoothly.

Either way, it looks like OpenSea is staying the hottest marketplace to date, as their competition is slaughtering themselves by making unpopular decisions. Food for thought!

— 🩸💀 AMERICAN RADASS

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Magic Eden Moves to Optional Royalty Model

Magic Eden 🪄 @MagicEden

🧵After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties on @MagicEden. Effective later today, we will also begin running a promotion to waive our platform fees.

Magic Eden revealed it switched to an optional royalty model and said it would waive the 2% platform fee from Oct 14.

The new optional incentivization model allows the buyer to determine the number of royalties they will pay. While all collections will honor full royalties by default, buyers can decide whether to pay and how much.

MetaMask Adds Instant Bank-to-Crypto Transfers

MetaMask 🦊💙 @MetaMask

A fox and a sardine walk into a bar and, yes, bring out the best in each other. Pumped to announce that US 🦊 users can now buy crypto through @sardine! Sardine’s INSTANT ACH-to-crypto purchase allows you to enjoy your funds without waiting for days🧵👇 consensys.net/blog/metamask/…

consensys.netMetaMask Integrates With Sardine To Bring Instant Bank-To-Crypto Option For U.S. Users | ConsenSysIn an effort to diversify payment options for users, MetaMask now enables instant bank funding for U.S. customers to purchase crypto through ACH settlement merchant Sardine.

Ethereum wallet MetaMask has added a function that makes it easier for users to convert their fiat currency into cryptocurrencies through integration with fintech firm Sardine.

MetaMask users in the U.S. will now be able to purchase cryptocurrencies much easier after the wallet added an instant bank-to-crypto feature via the automated clearing house settlement merchant Sardine.

📰 OTHER NEWS FROM THE PAST WEEK

• Beeple is breaking new ground again, this time in the real world.

• NFT London, an NFT conference organized by the NFT NYC team, has been receiving backlash as it has canceled many of its confirmed hosts' talks.

• Award-winning actor Sir Anthony Hopkins has sold out his debut collection, “The Eternal Collection,” in just seven minutes.

• Twitter is sending out Subpoenas to anyone who tweeted about the Gambling Apes project based on an SEC investigation.

• Cyber Brokers has released a new and updated roadmap.

• Paris Blockchain Week, will be hosted at the Carrousel du Louvre from 20th to 24th March 2023.

• Yuga Labs has pledged $1M to support education & arts initiatives in Miami.

• French police used research by pseudonymous blockchain analyst ZachXBT to prosecute five persons for stealing $2.5 million in NFTs.

• Next year, NFT NYC tickets will be NFTs

• Meta’s flagship virtual reality platform, Horizon Worlds, initially sought to reach 500,000 monthly active users by year-end. However, that figure is being revised to 280,000 as the company faces hurdles in growing its user base.

✨ NEW IN THE SPACE

• Mattel, the famous toy manufacturer, announced a new NFT collection called Masters of the Universe. They will be released on November 9, and will be considered a limited edition with 12 different characters.

• Liverpool FC is launching Virtual Clothing on Meta Avatars Store

• Metaverse platform Mona has rolled out a new AI tool to help builders design more realistic objects in online worlds.

• SettleMint, a low-code blockchain platform, has raised a €16 million ($15.5 million) Series A round as it adds Japanese operations to its India, Singapore, and EMEA markets.

• NFT startup Otterspace has raised $3.7 million to build a protocol and application that it hopes can reduce financialization in web3.

• The NFT debt provider MetaStreet has raised $10 million in fresh funding.

💀 HOW TO RECOGNIZE A RUG PULL

Alex Valaitis @alex_valaitis

So just to recap the @mangomarkets situation: -Hacker exploits Mango for $100M+ -Hacker turns around & offers to return most funds, if DAO promises not to pursue criminal investigations -Hackers uses 32M votes from the exploit to vote 'Yes' LMFAO you cannot make this shit up!

An attacker manipulated Mango Markets to drain over $100 million worth of crypto Tuesday. They’ve since engaged with the project’s DAO in hopes of evading legal charges.

OTHER POSSIBLE RUGS

• DAO Maker is rugging their users, by going back on their proposed compensation plan to the affected users of their hack.

😂 LAUGH OUT LOUD

• A founder has been resuscitated.

• Greg has got him

kmoney @kmoney_69

pov: you just checked your portfolio 😀

🤓 DISCLAIMER: NFA & DYOR

This newsletter is a curated overview of the most exciting things I’ve read the past week, the projects I’ve researched, and the NFTs I’ll be trying to buy.

This means I’m - per definition - biased, so don’t consider this as financial advice, and keep doing your own research if you see something you like.