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News

The NFT Royalty Brings Magic Eden Into Conflict With Metaplex

December 10, 2022 - Around 2 mins mins to read
On December 9, Metaplex, the creator of the NFT standard on the Solana chain, posted on Twitter that Magic Eden was leading a “coordinated pressure campaign” and trying to take control of the NFT standard on SOL.
The NFT Royalty Brings Magic Eden Into Conflict With Metaplex

The NFT royalty battle has intensified, not just on Ethereum, but the question of whether to enforce royalties for NFT creators has now spread to the Solana blockchain, where a long-simmering battle between major players in the space Metaplex and Magic Eden The dispute finally came to light and spread to social media.

Metaplex stated that they have always played the role of “gatekeepers” for creators and artists on the Solana blockchain, but Magic Eden is more from a business perspective, forcing Metaplex to accept “half-baked” governance schemes while hoping to take the NFT royalty standard out of the hands of the community.

In response to allegations that it holds a monopoly over NFTs on Solana, Metaplex claims today that it will publish plans to decentralize control of its standard, and they agrees with the root need to decentralize the program while saying that Metaplex “will not be pressured into doing so haphazardly to appease a group that is acting in bad faith.”

Magic Eden quickly fought back, saying that Metaplex attempted to control the NFT standard on the Solana chain, in which they accused Metaplex of using its MPLX governance token launched in September this year to control the NFT standard on the Solana chain.

Additionally, Magic Eden said that it and other Solana builders had given feedback to Metaplex regarding its plans, but suggested that Metaplex held undue influence over Solana’s NFT standard.

Metaplex has always been a supporter of the NFT royalty collection on the Solana chain, while Magic Eden hopes to implement a “zero royalty” strategy. In October this year, Magic Eden announced that it would no longer strictly implement the NFT creator royalty setting authority to attract more users and avoid competitors quickly taking over the market share.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.