Solana (SOL) Based Dev Platform Moves to New System: Followers Are Responsive!
Left (LEFT) Based non-fungible token (NFT) parent company Magic Eden recently announced that it will transition to the discretionary copyright model from now on.
The company also announced that it will waive the 2% platform fee, effective as of yesterday.
Other Platforms Forced Solana-Based Magic Eden to Switch to Similar System
The move follows a controversial trend set by other popular NFT markets such as X2Y2, which have opted to make royalty payments optional in order to attract more users. Many creators don’t seem too happy about this.
“We hope this decision is not permanent,” Solana-based Magic Eden said in its announcement.
Magic Eden’s announcement on Twitter cryptocurrency and sparked an immediate reaction in the NFT community. The company organized a Twitter Spaces 30 minutes after the announcement to answer questions from its users.
A spokesperson for the Magic Eden platform made the following statements at the conference:
“This is also very sad, but also very tragic. We wouldn’t want to be in this position, but the market has already expressed its opinion on discretionary market royalties. It was literally like a race to the bottom.”
The company also said it has invested $1 million in a fund to build better copyright enforcement tools and hopes to try “new non-copyright models” in the future. A representative from Magic Eden said that the company’s hand is being challenged by 60% of NFT investors currently on copyright option platforms.
Magic Eden raised $130 million in June at a valuation of $1.3 billion.
*Not investment advice.
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