Product Update: Ecosystem Fees Live
This post is straight from the Immutable X blog on Medium:
Marketplaces building on Immutable X will now be able to add custom fees to their orders. This will encourage world-class NFT marketplace experiences to be built on Immutable X. From awesome aggregating marketplaces to dedicated content-specific marketplaces, to awesome in-game trading experiences, we want to incentivize the best builders to build the best ways to trade NFTs on our platform.
You can read the documentation here to learn more.
As each marketplace can apply custom fees, prices for the same listing could differ across the protocol. An asset could be listed for 1 ETH on Marketplace A but listed on Marketplace B for 1.01 ETH, as they charge different fees. We believe marketplaces should compete not just on pricing, but by offering better discovery and trading user experiences.
We are still in the process of implementing fees on the default Immutable X Marketplace, but currently intend to charge 1% maker and 1% taker fees (in addition to the protocol fee when it is released). We may change these over time, but our intention is not to compete with other marketplaces on the protocol on price — our goal is to create liquidity, not to monetize it aggressively.
If you’ve read this far — here is a sneak peek drop.
We’ve now rolled out two of the three pillars of fees on Immutable X (royalties and marketplace fees). The team is now busy implementing the protocol fee, which will be launched soon. The protocol fee is a critical feature that will unblock the release of staking, which will greatly benefit all Immutable X supporters and IMX token holders.
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