Solana's leading NFT marketplace is the latest to accept a no-fee model, following in the controversial tracks of X2Y2 and others. Magic Eden, a Solana non-fungible token (NFT) mainstay, is switching to an optional royalty model, according to a Friday night Twitter thread.

The company also announced that it will waive its 2% platform fee, effective later Friday.

The move follows in the footsteps of other popular NFT marketplaces, such as X2Y2, which have made royalty payments optional in order to attract more users, much to the chagrin of most creators.

"We hope that this is not a permanent decision," Magic Eden said in the announcement.
On NFT Twitter, Magic Eden's thread sparked immediate outrage. Thirty minutes after the announcement, the company hosted a Twitter Spaces to answer questions from its users.

"It's also very sad, and it's very tragic." We didn't want to be in this position, but the market has spoken on optional market royalties," a Magic Eden representative said.

"It was, in effect, a race to the bottom."

The company also stated that it will contribute $1 million to a fund to develop better royalty enforcement tools, and that it plans to experiment with "new models outside of royalties" in the future. According to a Magic Eden representative, 60% of NFT traders currently trading on royalty-free platforms forced the company's hand.

In June, Magic Eden raised $130 million at a $1.3 billion valuation.