Looks like the Solana NFT community is in crisis as Metaplex accused Magic Eden of controlling the NFT protocol and creator royalties. The tussle between the two took place on Twitter.
Solana blockchain has already been struggling to maintain its ecosystem after FTX crashed, and now the clash between two of its top-selling platforms has brought more chaos to the community.
On December 8, the Metaplex team tweeted a thread claiming that there has been a coordinated pressure campaign by Magic Eden and Jordan Prince, who was also involved with the development of its own original protocol.
According to Metaplex, both parties are trying to control the multi-sig for token metadata standard by distributing it with themselves and their fellow allies for personal gains. The team called it “a half-baked governance scheme” that would bring down the rights of creators and artists.
The idea of decentralization is to distribute rights equally to all community members but Magic Eden seems to be only giving power to a group of people, which really takes away the claim that the platform is “decentralized.”
In response, the NFT marketplace claimed Metaplex was falsely accusing them and that it “owns the NFT standard the whole ecosystem is built on.” Magic Eden also said Metaplex wants to commercialize the base standard to increase the value of $MPLX token holders.
The team invited Metaplex for Twitter Spaces but the platform declined by saying they would rather focus on their proposal and focus on decentralization.
Both platforms are also fighting over creator royalties and wish to take two separate paths for implementing their rules. The creators and artists are caught up in this tussle with one side advocating for Metaplex while the other is for Magic Eden.
