Magic Eden’s Solana NFT market share slumps as trading platforms as royalties are rejected

We have all known Magic Eden for leading the NFT marketplace on Solana for over a year now, and it was marching to the valuation of $1.6 billion in June. However, as the debate over NFT royalties is gaining rage, the grasp of Magic Eden on the Solana market has been eroding significantly in recent weeks. 

This is happening because new rivals in the market are drawing away NFT traders by alluring them with zero-royalty transactions. Well, this is reasonable as it allows traders to avoid paying upwards of 12% in fees on each trade they execute. 

In an announcement made on Wednesday, the company is planning to join forces with a marketplace and aggregator that facilitates zero-royalty NFT sales, Coral Cube. In addition to this, it was also teased that the partnership is aimed at providing users with the ability to determine what royalties on their platform are going to look like. 

The future of Solana NFTs starts with you.

We and @coralcubenft will be giving traders the ability to determine what royalties on our platform will look like.

Vote with your trades.

More tomorrow.

— Magic Eden (@MagicEden) October 13, 2022

The Head of Marketing and Content, Tiffany Huang, shared his views on the same and said that the startup is aimed at protecting its brand by keeping the creator royalties undisturbed on Magic Eden. However, it will also be offering the option for traders to sell NFTs without paying royalties via Coral Cube. 

This surely has emerged as an apparent attempt to have it both ways, given the fact that the market is shifting quickly. Also, it should be laid emphasis that most recently, DeGods, the Solana NFT collection, switched to a royalty-free policy. 

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