CREATORS TO FLAG AN NFT OR BLUR THE IMAGE IF THE LISTED NFT BYPASSES CREATOR ROYALTIES
Solana Magic Eden's non-fungible token (NFT) market has fended off some community backlash following the launch of MetaShield, its new enforcement tool aimed at discouraging NFT buyers who circumvent royalties.
Reportedly launched in partnership with NFT marketplace and aggregator Coral Cube, MetaShield received mixed reactions from the NFT community upon its launch on September 12, with splits over whether NFT marketplaces should protect creator rights or reduce royalties to be NFTs cheaper. collectors.
The NFT Royalty Enforcement Tool is designed to allow NFT creators to flag and blur NFTs that may have been sold and managed to circumvent copyright royalties.
In an eight-part Twitter post on September 14, Magic Eden defended its new tool, noting that some of the "hardest working creators today" are being "punished" by their "own" royalty marketplaces.
The new tool comes just weeks after NFT marketplace X2Y2 introduced a new feature that allows buyers to decide whether to pay a fee (and if so, how much) when buying NFTs.
Magic Eden cleared the air in its latest thread, noting that it launched MetaShield to protect creators rather than punish buyers.
"Most people agree that a zero-royalty marketplace for all creators should not become the ecosystem norm," argued Magic Eden.
"What we're doing is an experiment, a collaboration, and a ship." MetaShield may not be perfect, but it gives creators an option in this debate.”
NFT Market also confirmed that they will not be taking control of NFTs and that the royalty enforcement tool will not be used to punish buyers.
According to Magic Eden, MetaShield was created to allow creators to "watch Solana NFTs listed with their own royalties" and "take action where they see fit" to protect their brand.
According to the Magic Eden website, NFT creators have "Editor" rights to protect the NFT, allowing them to edit royalties, add a watermark, or blur the image. After the debt is paid, the editor can return the NFT back to its original state.
The launch of MetaShield Magic Eden was initially met with mixed reactions from the community.
One Twitter user claimed that the addition of MetaShield further centralized the Magic Eden NFT marketplace, while another Twitter user said that no one will mint NFTs if creators use MetaShield.
Another Twitter user said he was concerned that innocent buyers would be penalized because they would have their newly purchased NFTs protected, saying:
"My biggest concern is that it will penalize the buyer - someone who may not know they bought incorrectly. After a period of time, the NFT will suddenly be 'shielded'." This will result in them having to pay a lot more.
However, many also praised Magic Eden for "protecting" NFT creators.
Not every NFT market has sided with Magic Eden. "sudoswap" chose not to adopt a royalty model in order to make its NFT platform more buyer-friendly by only subjecting them to standard platform fees.
In addition, Langston Thomas of "nft now" said that while smart contracts are in place to pay royalties to creators, it is ultimately up to the NFT market to honor the royalty agreement.
This is because the NFT marketplace receives the royalties first through the transaction and is not required to pass the royalties on.