Magic Eden argues in favor of MetaShield launch
Magic Eden defended its new tool by stating that the purpose of MetaShield was to safeguard authors rather than punish users.
When an NFT is listed or exchanged, MetaShield gives creators the option to report it or blur the image to avoid violating creative royalties.
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.
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.
Magic Eden defended its new tool in an eight-part Twitter thread on Wednesday, saying that some of the “hardest working creators today” are being “punished” by “custom” royalty marketplaces.
The new tool was released shortly after NFT marketplace X2Y2 unveiled a new feature that gives customers the freedom to choose whether to pay a royalty charge when purchasing an NFT and, if so, how much.
In its most recent thread, Magic Eden clarified the situation by stating that the purpose of MetaShield was to safeguard authors rather than punish users.
“What we do is an experiment, collaborate, and ship. MetaShield might not be perfect, but it provides an option to creators in this debate.”
The NFT marketplace also affirmed that it will not seize control of NFTs and that the instrument for enforcing royalties won't be used to retaliate against buyers.
MetaShield was created to enable producers to “monitor Solana NFTs listed with unique royalties” and “take action where they deem fit” to safeguard their brand, claims Magic Eden.
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 may restore the NFT to its initial state once the debt has been settled.
Community response
The community's response to Magic Eden's MetaShield debut was originally unresolved.
One Twitter user asserted that the use of MetaShield furthered the market's centralization in Magic Eden, while another argued that if the developers employ MetaShield, no one will mint NFTs.
Another Twitter user expressed fear that innocent consumers could suffer consequences as a result of having their just acquired NFT safeguarded, saying:
“The biggest concern I have is that this punishes the buyer — someone who might not know they purchased incorrectly. After a certain period of time, the NFT will all of a sudden be ‘shielded.’ This will lead to an experience where they need to pay a lot more.
Thoughts have also been expressed in favor of Magic Eden's “protection” of NFT inventors.
Not all NFT markets have supported Magic Eden. To make its NFT platform more user-friendly for buyers, Sudoswap” chose not to use the royalty fee model and instead simply charged ordinary platform fees.
Langston Thomas from “nft now” added that, even in cases where smart contracts are put up to pay creators royalties, it is ultimately up to the NFT marketplace to uphold the royalty arrangement.
This is so because the NFT marketplace, which first receives the royalty through the transaction, is free to keep itself.