Reading Time: 2 minutesSolana’s NFT engine developer Metaplex believes Magic Eden wants to forcefully take over the platform’s functions
Metaplex and Magic Eden have different approaches to creator fees
Magic Eden denied the claims, indicating they only need Metaplex to embrace decentralized governance

Solana’s NFT engine developer, Metaplex, has accused the leading NFT marketplace on Solana, Magic Eden, of mounting a campaign to forcefully take control of the developer’s functions. However, Solana has denied the allegations saying that it only needs the developer to embrace decentralized governance since it “owns the NFT standard the whole ecosystem is built on.” The accusations come at a time when both platforms seem to be reading from different scripts when it comes to creator fees, with Metaplex announcing full support while Magic Eden still has room for optional royalties.

Magic Eden is “Acting in Bad Faith”

According to Metaplex, the Solana NFT marketplace wants to elbow it out of the control of the NFT standard on the blockchain “for personal gain.” Of major interest is the “multi-sig for token metadata,” which Metaplex said is in the process of adding more gatekeepers. 

1/ gm Metaplex community. Over the past 24 hours, there has been a coordinated pressure campaign led by @MagicEden and @redacted_j to take control over the multi-sig for token metadata and give it to themselves and a small group of their close allies for personal gain.

— Metaplex (@metaplex) December 8, 2022

However, the developer disclosed that the decentralization process won’t be done “haphazardly” due to pressure from a “group that is acting in bad faith.” In its defense, Magic Eden said the accusations are false, adding that it’s only interested in Metaplex decentralizing the control of the NFT standard on the blockchain. 

More Power, Fewer Questions

The marketplace added that Metalex wants to maintain control of the standard for commercial gains to those holding its native token, MPLX. 

It’s because they can rewrite the program, and gain access to privileges that outsiders cannot. They can prevaricate on what this means, but ask yourself how it feels to you that one company can do things that other companies cant when developing a royalties product.

— jprince.sol (@redacted_j) December 8, 2022

Metaplex solely steering Solana’s NFT standard puts other NFT platforms on the blockchain at a disadvantage since they can make changes that affect everybody on the platform without input from affected parties. Having such disagreements among prominent actors in the NFT space is likely to negatively impact the NFT market, which is yet to recover from the FTX collapse.

The post Metaplex Accuses Magic Eden of Plotting a Coup appeared first on FullyCrypto.

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Filed under: Bitcoin - @ December 10, 2022 11:04 am