Author : Mark

Date : Dec 12,2022

Magic Eden and Metaplex have battled once more. The two startups have been engaged in a protracted argument, and this time it has been resolved on Twitter.

As competition for dominance of the Solana (SOL) NFT market intensifies, Magic Eden and Metaplex have battled once more. The two startups have been engaged in a protracted argument, and this time it has been resolved on Twitter.

The top NFT marketplace Magic Eden was accused of orchestrating a "pressure campaign" to dominate the Solana NFT market by NFT founder Metaplex in a tweet conversation. Unexpectedly, the tweet accused Magic Eden and Jordan Prince, a former Metaplex engineer, of working together "to seize control of the multi-sig for token metadata" with the intention of benefitting themselves.

It appears that Metaplex is adamant about continuing to elevate creators rather than allow established gatekeepers to take the lion's share of revenue.

To seize control of the standard away from the community, the NFT developer said in the forum that "the same commercial dynamics have re-emerged within Solana NFTs" and that "[they] are trying to pressure us into a half-baked governance structure."

Magic Eden was quick to react, and in its response on Twitter, Solana's largest marketplace denied the claims that it was "trying to take control over the NFT standard on SOL" and asserted that the NFT creator has "a god mode key" that enables them to manipulate how it functions to the advantage of holders of its MPLX governance token.

Magic Eden continued by expressing its desire for Metaplex to unite in order to establish "an irreversible, non-commercial standard" that would benefit the entire NFT ecosystem, but given that the long-simmering conflict has spread to social media, it is difficult to envision a resolution anytime soon.

Market Share Loss for Magic Eden

It is obvious that a deal needs to be reached because the struggle for dominance in the Solana NFT arena has spread to social media. It's an ongoing discussion that has possibly been sparked by Magic Eden's loss of market share to more recent competitors.

As it stands, NFT developers commonly set royalties on their NFT between 5% and 10% and will receive a cut of any future secondary market trade sales prices. On the other hand, Magic Eden declared in October that it will no longer strictly adhere to the creator-set royalties on NFTs purchased through its platform.

Magic Due to new startups luring NFT traders with the promise of zero-royalty transactions, Eden, which once controlled more than 90% of the Solana NFT market, is rapidly losing its market share. As a result, the conflict with Metaplex has intensified.

The Competition for Solana NFT Market Share Goes On
To the advantage of the Solana NFT field, the problem with the top marketplace and NFT developer must be resolved right away. The two businesses are market leaders, but with everything moving to Twitter, it's time to address the problem for the good of the industry as a whole.

In order to respect its NFT artists and producers, Metaplex wants to make sure they receive royalties for their work. However, as Magic Eden is losing market share to firms who offer royalty-free transactions, a compromise must be established as soon as possible.