Proposed Magic Eden NFT Royalty Enforcement Tool sparks debate in the NFT community
Magic Eden, a marketplace for Solana-based NFTs, launched MetaShield. According to reports, the MetaShield launch was on September 12 in collaboration with Magic Eden and Coral Cube. The launch has reportedly helped the marketplace scare off some buyers who avoid creator royalties.
The rise of NFTs has resulted in an evolution of ownership of digital assets. However, problems continue to arise in the market, even though the NFT sector is increasingly gaining ground in the crypto industry.
NFT creators are often entitled to royalties on their NFT collections, but some collectors avoid paying them. Some form of regulation or enforcement is needed to eliminate these problems.
Some traders in the NFT market try to circumvent royalties from creators. MetaShield is one of the enforcement tools developed to alert NFT buyers who avoid creator loyalty. MetaShiel allows NFT creators to track NFTs listed with unique royalties and identify those sold royalty-free.
However, MetaShield drew mixed reactions among the NFT community. Some believe the marketplace should protect the rights of NFT creators. Others believe royalty fees should be lower so that NFTs become cheaper.
Magic Eden defends MetaShield a protection tool
Magic Eden made a tweet to meet feedback from the community. The tweet stated that some hard-working creators are being penalized because their collections are traded without royalties. It further noted that most trades in custom royalty marketplaces are at zero royalty.
Magic Eden noted that Metashield appeared to protect the rights of creators and not to punish collectors. It stated that creators have the right to choose how they use the tool, and Magic Eden is not trying to take control of their NFTs. It also said that Magic Eden does not take over anyone’s NFT.
The marketplace further explained that Metashield is not the perfect solution to the royalty problem. However, according to the tweet, they are exploring the best model and working with the top developers to achieve it.
Another new enforcement tool has recently appeared in the NFT market. The new tool comes just weeks after the X2Y2 market introduced a new feature. The new X2Y2 feature allows buyers to choose whether to pay a royalty fee. The feature also enables NFT buyers to decide how much royalty to pay.
The community reacts to blurry image additions on NFTs
Magic Eden released a statement on its official website regarding the additional feature offered by MetaShield. In accordance Magical Eden, Metashield gives NFT creators the right to protect NFT by changing the royalty to watermarks. The watermark will be removed once the collector pays the overdue royalty fee.
Some members of the NFT community reacted negatively to the addition of blurry images to NFTs. Some took to Twitter to vent their tantrums. They expressed that Magic Eden is the problem and not the royalties.
Langston Thomas also added a comment regarding the royalty debate. He noted that even if they enter a smart contract, the NFT market reserves the right to honor a royalty or not.
Featured image from Pixabay and chart from TradingView.com
