💢 Why everyone hates Solana NFT giant?

Namaskara this is the doodhwala, the only crypto newsletter that’s as good as a plate of Pav Bhaji from Shanti Sagar 🤤

Big day, big week, big things happening in crypto:

• Everyone hates Solana’s biggest NFT marketplace

• New token category unlocked

• Milky Meme of the day

• Taaza Tweet of the day

Runnin into Monday like:

Why everyone hates Solana’s biggest NFT marketplace

Let’s talk about Magic Eden.

No, it’s not THAT magic partnership at the Eden Gardens between Laxman and Dravid.

We’re talking about Magic Eden, the NFT marketplace on Solana.

Here are some quick stats:

• 130k weekly unique users

• $10 mn weekly trading volume

• largest NFT marketplace on Solana

But because of one change, everyone is hatin on Magic Eden.

So, what did Magic Eden do?

Two things:

1️⃣ Remove NFT royalties

2️⃣ Remove platform fees

Let’s look at 1️⃣ NFT royalties

Tf are NFT royalties?

Most NFT marketplaces allow creators to set their royalty fee.

Say an NFT costs $100, and the royalty is set at 5%

(Imma using a calculator btw, cuz I suck at maths)

Every time the NFT is sold, the creator gets 5%

If the NFT is sold 5 times for $100, the creator gets 2% on each sale

So, the creator pockets $25!!

But now, with this latest update, the NFT trader can choose not to pay the 2% royalty to the creator.

And honestly, what kinda trader would wanna pay royalties? Especially on an NFT like this:

But royalties are kinda a big deal for the creators. 😡

Not only do they allow creators to get paid for every single trade. But they’re also an integral part of web3.

In web2, creators got paid only when their art (song, art, newsletter) was sold once.

Each time it was copyrighted, either the intermediary (record label, art studio, milk vendor) got the royalty or no one did. 😭

Now we come to 2️⃣ Magic Eden’s platform fees

Previously, Magic Eden charged 2% fees for all trades.

Now, this is going to 0, like my hopes of RCB ever winning an IPL title 🥲

So, why is Magic Eden getting rid of royalties AND fees?

Because they wanna bring in more and more traders.

See, NFT marketplaces (like crypto exchanges) make money from trading and listing projects.

Since Magic Eden is the biggest NFT marketplace on Solana, they wanna focus on getting in 💰 through listing NFT projects.

Even weird ones like this and this one!

So, is it working?

Nope.

In fact, it’s having the opposite effect.

Before this change, Magic Eden’s market share was 89%.

After this change, Magic Eden’s market share is down to 60%.

💀

See, we don’t wanna get into the middle of this ROYALTY NOW vs NO ROYALTY debate.

Here’s one good take that we found from the artist that started the NFT mania back in 2021.

But we’ve got a 🇮🇳 take.

Doodhwala’s take: Royalties are like songs in Bollywood movies.

The storyline doesn’t change without them, but songs make Bollywood movies what they are.

And trading NFTs is also like Bollywood songs.

It’s integral to any NFT marketplace. But adding item numbers like Sheila Ki Jawani just for the sake of getting 👀 is kinda screwed up.

Can’t we have a bit of both.

New Token Category Unlocked: Religion Coins

We have seen tokens made for cute dogs.

And we have seen tokens made for governments.

We have also seen tokens made for a dead queen.

But just when you thought you have seen it all, the crypto world comes out and says “Surprise Motherlovers!”

This time in the most Halal way.

A new cryptocurrency called Islamic Coin (ISLM) is now doing the rounds across the market

The founder Alhashmi is so confident of the product his company is building that he believes it will become a bitcoin-scale crypto asset and generate a trillion dollars for its holders.

But habibi, what’s this coin you ask?

Islamic Coin is the native token of Haqq, a PoS blockchain that operates on Cosmos.

Haqq is literally translated to “truth” in Arabic and the coin is officially certified as a Halal asset.

It is created to onboard millions of Muslims across the globe to crypto and offers a better financial future.

But isn’t crypto considered Haram?

Most of the prominent Islamic leaders do believe that Bitcoin and crypto, in general, is Haram.

Because they are considered as a gambling bets.

And also because they believe Bitcoin is used for money-laundering, fraud, gambling, and basically all activities which are forbidden by the Quaran.

So ISLM is apparently created in line with the ethics and values of Shariah finance.

This may also be the reason why a good number of Islamic leaders are backing this project.

This is how the team compares the project to Bitcoin regarding overall adoption and scaling.

Not a bad model but we’ll have to wait and see how this whole thing pans out.

But this might certainly prompt other religious leaders to create their own coins.

HINDU coin? CHRIST token? JEWISH coins maybe?

Hopefully, these tokens don’t create unnecessary tensions and it might just bring everyone together in the hopes of pumping their own bags up. 😎

Milky Meme Of The Day

Taaza Tweet Of The Day

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.