Magic Eden-nft-platform

Magic Eden, the Solana-based NFT marketplace, has introduced an NFT Creator Monetization Hackathon with up to $1 million investment to support the development of pro-NFT royalties and alternative monetization on Solana.

Magic Eden Launches $1M Hackathon

In an October 14 press release, the digital marketplace confirmed the launching of a $1 million Hackathon to establish a new creator royalties tool to protect and support NFT creators. While commenting about the new NFT Creator Monetization Hackathon, Jack Lu, the CEO of Magic Eden, remarked:

“We’ve recently experienced seismic shifts in the NFT ecosystem. The movement away from creator royalties has been an unfortunate trend but seems inevitable, given that royalties are not enforceable at the protocol level. To accelerate innovations on creator business models and royalty-protecting tools, we are running a $1M Hackathon with the community to develop new creator royalties tools that will protect and support creators.”

Creator Monetization Hackathon Overview

Magic Eden, an NFT marketplace with more than 250,000 daily users, is focused on establishing a user-friendly platform for creators and collectors. The NFT marketplace is prepared to offer resources that allow creators to contend with the rapidly changing crypto market.

In that context, Magic Eden anticipates using its newly launched $1 million Hackathon fund to foster new business models and collaborate with partners to develop tools that support a sustainable creator ecosystem.

Last month, Magic Eden partnered with Coral Cube NFT marketplace to launch a similar initiative to protect and empower NFT creators. At the time, Magic Eden established a new royalty feature allowing creators to track their SOL NFTs and take precautions to safeguard their investments.

This time around, the NFT marketplace plans to use allocated funds to develop an alternative monetization tool, allowing creators to explore their supply and later set up their own liquidity pool. Top projects will also use the new tool to explore ancillary revenue streams.

According to the announcement, creators who have a compelling monetization model or are exploring royalty protection tools will be able to apply to the Hackathon for grant money and investment support.

The Magic Eden’s NFT Creator Monetization Hackathon will help reduce the business impact felt during this bear market that has left many NFT floor prices shrinking more than 60% of their value in the past several months.

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