We wanted to write a post to share why we no longer request exclusivity from creators.
The word ‘community’ is frequently thrown around in digital spaces at the risk of the dilution of its meaning. In marketplaces, subtle distinctions separate a user from being a community member versus simply a consumer. In conventional marketplaces (e.g., e-commerce), the role of the user is simply to transact. A community, however, encourages flexibility and openness, where creators, holders, and supporters should be able to engage with each other. We strive to create such a fluid community through Magic Eden.
As secondary trading continues to heat up, all marketplaces are battling to be the sole venue for top projects. One approach to gain market share is through exclusivity agreements. While we implemented such agreements in the past, we received feedback that made us rethink our approach. Creators want the choice to list their collection on any secondary marketplace they choose. NFT owners want the flexibility to buy/sell items on any marketplace. To strengthen our community, we ultimately decided it was important to offer everyone the power of choice.
Our ultimate endeavor is to have the most feature-rich experience, most supportive team and best tools to showcase and discover collections. Thus, we will no longer tell a project not to work with other marketplaces. Consequently, we do not consider ourselves bound to others’ exclusivity agreements so long as we have verified the collection or piece. Currently, our team is verifying the listings on Magic Eden, although in the long term we intend to enable community members to verify the authenticity of listings directly. We admire the open culture that surrounds Crypto, and do not seek to control how and where people sell NFTs, including collections that originally debuted on Magic Eden.
This is such an exciting time for Magic Eden, and we are grateful for the trust our community members have placed in us. We hope through these types of entries, we can share more about our thoughts as we continue to grow.