Magic Eden, a non-fungible token (NFT) marketplace based on the Solana blockchain, is defending the launch of MetaShield. MetaShield is a new enforcement tool aiming to fight NFT buyers bypassing creator royalties.
Magic Eden supports the launch of MetaShield
The launch of MetaShield attracted mixed reactions from the NFT community. The community expressed concerns about whether NFT marketplaces should focus on protecting creator rights or lowering royalty fees to make NFT less costly for collectors.
The tool launched on September 12 allows NFT creators to flag NFTs that could have been sold after bypassing creator royalties. Magic Eden posted a Twitter thread defending the tool, saying that hardworking creators were affected by “custom” royalty marketplaces.
The launch of the tool follows other similar changes introduced by NFT marketplaces. A few weeks before, the X2Y2 marketplace launched a feature giving buyers the discretion to decide if they wanted to pay a royalty fee when buying an NFT.
Magic Eden said it had launched MetaShield to protect creators and not to punish buyers, arguing that zero royalty marketplaces for creators should not be the norm. The NFT marketplace said that while this move was not perfect, it gave creators an option in the debate.
According to the platform, MetaShield was created to allow creators to track Solana-based NFTs that have custom royalties and take measures when necessary to protect the brand. On the Magic Eden website, creators have an “Editor” option allowing them to shield the NFT, modify the royalty, add a watermark or blur the NFT image. After the debt is paid, the creator can reinstate the NFT to its original state.
NFT community reacts to the launch of MetaShield
The NFT community has expressed mixed reactions to the launch of this feature. One Twitter user said that the addition of MetaShield promoted the centralization of the NFT marketplace, with another saying no one would mint NFTs even if the creators used MetaShield.
Another user said they were concerned about innocent buyers that would be punished due to the move. Some buyers might not be aware that they bought the NFT incorrectly. After a stipulated period, the NFT would be shielded, resulting in a scenario where they needed to pay much more. On the other hand, there are those that have supported Magic Eden in this move.
Some NFT marketplaces have also opposed the move. SudoSwap has said it will not adopt the royalty fee model to make the NFT marketplace buyer friendly. Instead, buyers would only be subjected to the standard platform fees.
Another person who opposed this move is Langston Thomas from “nft now.” He said that even in situations where smart contracts paid royalties to creators, it was the responsibility of the NFT marketplace to honor the royalty deal. This was because the NFT marketplace received royalty first through the transaction, and it is not required to pass on the royalty.
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