Magic Eden Losing Market Share as Solana NFT Traders Reject Royalties

The debate over NFT royalties is raging again, this time in the Solana NFT space—and marketplaces that eschew creator royalties are finding eager traders while capturing market share in a way that they haven’t yet in the larger Ethereum NFT community. And now the shifting tides of the Solana NFT market appear to have forced Magic Eden’s hand.

Magic Eden has been the leading NFT marketplace on Solana over the last year, quickly commanding 90% or more of the market en route to a $1.6 billion valuation in June. But its grasp on the Solana market has been rapidly eroding in recent weeks as new and evolving rivals alike successfully draw away NFT traders with the allure of zero-royalty transactions. Magic Eden also teased that it will give users.