Magic Eden CEO : royalties-enforcing NFTs could be 'new asset class'

2022/11/08 01:20

Speaking at Solana’s Breakpoint conference in Lisbon, Portugal, Magic Eden co-founder and CEO Jack Lu advocated for a new NFT standard that would “enforce royalties at a hard, technological level.” “There is a real opportunity to give rise to a new asset class,” Lu said, adding that Magic Eden has spoken to “dozens of creators amongst many, many industries” to canvass their opinions. “Some folks really want sovereign ownership, [while] some folks really want royalty enforcement or new business models," he continued. But Lu warned that a new standard for NFTs “will have special trade-offs,” adding that “royalty enforcing by necessity means that the creator has some level of control.”

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