Dominic Kimani
The non-fungible token creator royalties continue to create mayhem and divide within the crypto community, pushing several NFT market platforms to flip-flop on their initial stance on the creators’ royalties.
Last week, Magic Eden, the famous market platform for Solana NFTs, announced plans to launch a new NFT feature, which the marketplace believed would help to enforce creators’ royalties on Solana-backed NFTs. Before launching the new tool, the NFT marketplace had made NFT royalties optional.
Magic Eden & Metaplex Differs Over NFT Standards
The announcement has attracted tensions between Magic Eden and its digital assets protocol, Mataplex. The digital asset protocol has accused Magic Eden of creating a bad reputation for Solana.
Metaplex has alleged that Magic Eden is attempting to turn Solana NFT protocol into a ring of wars over creators’ royalties and decentralization. The NFT marketplaces were close affiliates until Magic Eden decided to enforce creator royalties.
On December 08, Metaplex, the creator tool allowing collectors to make and process NFT on the Solana blockchain, claimed that Magic Eden has been coordinating pleasure campaigns to take control of the standard. Metaplex wrote:
“Metaplex was built to elevate creators and artists above traditional gatekeepers, but those same commercial dynamics have re-emerged within Solana NFTs and are trying to pressure us into a half-baked governance scheme to take the standard out of the community’s hands.”
In a subsequent tweet, Magic Eden responded to the allegation, writing that Metaplex had falsely accused it of attempting to take control of the NFT standards on Solana Chain. The NFT marketplace has retaliated that Metaplex is trying to retain control of the standard for the benefit of holders of its MPLX governance token, which it launched in September.
Magic Eden Clarifies On It New NFT Tool
Magic Eden has clarified that it and other Solana developers had given feedback to Metaplex regarding its plans but suggested that Metaplex held under the influence over Solana’s NFT standard. This isn’t the first time that Magic Eden and Metaplex have been at odds over the direction of the Solana NFT ecosystem.
In a related development, OpenSea has announced various changes to its enforcement of creator royalties following complaints from some creators and builders. The NFT firm has extended the deadline by which creators of new NFT projects will need to use its tool to have royalties fully enforced, along with other vital changes.
Related
- Royalties No Longer Optional, As Magic Eden Launches NFT Tool To Enforce Them
- Magic Eden Launches MetaShield To Protect Creators’ Royalties
- OpenSea Launches Tool Enabling NFT Creators To Set Royalties
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This article was written for Business 2 Community by Dominic Kimani.
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