- Solana NFT market fluctuations seem to have cornered Magic Eden at this juncture.
- Coral Cube would also provide dealers with option of selling NFTs without paying royalties.
Solana NFTs have reignited the discussion about creator royalties. And markets that don’t pay them are finding willing traders and expanding their market share. In a manner that hasn’t happened in the wider Ethereum NFT ecosystem.
Magic Eden had amassed a 90%+ market share of the NFT marketplace on Solana. Resulting in a value of $1.6 billion in June. However, its dominance in the Solana market has been eroding fast in recent weeks. As both established and upcoming competitors successfully woo NFT traders with the promise of zero-royalty transactions.
Trying to Regain Lost Ground
Solana NFT market fluctuations seem to have cornered Magic Eden at this juncture. On Wednesday, it was revealed that the firm will be “joining forces” with Coral Cube. A marketplace and aggregator that facilitates the selling of NFTs with no commission taken. Users will have “the ability to determine what royalties on our platform will look like,” Magic Eden has indicated.
According to Magic Eden’s Head of Marketing and Content Tiffany Huang, the business would “protect” its brand by maintaining creator rights. In an apparent effort to have it both ways in a dynamic market, Coral Cube would also provide dealers with the option of selling NFTs without paying royalties.
Tokenized works of art, profile photographs, collectibles, and video game goods often have royalties determined by their authors between five and ten percent, independent of the blockchain network they were created on. In the eyes of proponents of NFT, it is an essential component of the Web3 value equation, since it provides long-term financial security for content producers.
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