Magic Eden defends launch of NFT royalty
Following the introduction of MetaShield, a new enforcement mechanism designed to prevent NFT buyers who avoid paying creator royalties, Magic Eden, a nonfungible token (NFT) marketplace located in Solana, has managed to quell some community criticism, as reported by Cointelegraph.
According to Cointelegraph, following its launch on September 12, MetaShield, which was reportedly partnered with NFT marketplace and aggregator Coral Cube, received mixed reviews from the NFT community, which was divided over whether NFT marketplaces should protect creator rights or reduce royalty fees to make NFTs more affordable for collectors.
The NFT royalty enforcement tool was created to give NFT creators the ability to identify and obscure NFTs that might have been sold without paying creator royalties.
On September 14, Magic Eden defended its new tool in an eight-part Twitter thread and pointed out that some of the “hardest working creators today” are being “punished” by “custom” royalty marketplaces.
Cointelegraph noted, that only a few weeks prior, the NFT marketplace X2Y2 unveiled a brand-new feature that gives customers the freedom to choose whether to pay a royalty charge (and, if so, how much) when purchasing an NFT. In order to help producers “monitor Solana NFTs listed with unique royalties” and “take action where they deem fit” to safeguard their brands, Magic Eden claims that MetaShield was created.
According to the Magic Eden website, “Editor” privileges are given to NFT authors in order to conceal the NFT, allowing them to change the royalty, include a watermark, or obfuscate the image. The Editor has the ability to restore the NFT to its initial state when debt has been settled.
(With insights from Cointelegraph)
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