Magic Eden has launched a new software, MetaShield with a vision to protect creator royalties
Magic Eden today unrevealed a new feature named MetaShield, which creators can avail to guard their royalty revenue stream. MetaShield was launched in partnership with Coral Cube, an NFT marketplace, and aggregator.
MetaShield provides creators the capability to track SOL NFTs listed with custom royalties and take actions to secure their revenue stream. For instance, this new software identifies NFTs listed/traded on marketplaces that bypass creator royalties. Creators of those NFTs can then “shield” or adjust their NFTs with actions like updating metadata, flagging the NFT, or blurring the image. If anyone purchases an NFT that has bypassed royalties, they will attract a debt for the unpaid royalty which has to be paid to “unshield” the NFT. It means that buyers would have to pay the debt before the particular NFT can be reverted to its original state. Magic Eden mentioned that the royalty debt is not a way to punish buyers, but instead incentivizes recognition of the backbreaking work that creators perform to make sure the NFT retains its underlying value and warns a potential buyer that they’re not honoring creator royalties.
To get access to the creator tool, creators will have to log on to https://coralcube.io/inspector and link the wallet with the update authority. After that, they will be able to review current listings aggregated from marketplaces such as Yawww, Solanart, and FoxySwap with customized royalties. Creators can also accumulate token addresses of sold NFTs that have bypassed full royalties, calculated debt, and withhold benefits from holders of debt-ridden NFTs such as not allowing those items to be staked and removing access to holder Discord channels. Magic Eden mentioned that MetaShield is just a tool that the marketplace has generated to address the issue of bypassing royalties, and users can see more such tools to come in the future.
The arrival of this new software faced some criticism from NFT collectors, who feel it is a cash grab by Magic Eden and that the tool makes NFTs on the platform centralized and fungible.
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