MetaShield works by enabling the manufacturer’s NFT to flag or blur the image if the listed or traded NFT bypasses the manufacturer’s royalties.
Solana-based nonfungible token (NFT) marketplace Magic Eden has fended off some community backlash following the launch of MetaShield, its new enforcement tool aimed at deterring NFT buyers who bypass creator royalties.
MetaShield, which was reportedly launched in partnership with NFT marketplace and aggregator Coral Cube saw mixed reactions from the NFT community following its launch on Sep. 12, who were split on whether NFT marketplaces should protect creator rights or cut royalty fees to make NFTs cheaper for collectors.
The NFT royalty enforcement tool is designed to allow NFT creators to flag and blur NFTs that may have been sold that managed to bypass creator royalties.
In an eight-part Twitter post on Wednesday, Magic Eden defended its new tool, noting that some of the “hardest working creators today” are getting “punished” by “custom” royalty marketplaces.
The new tool came only a few weeks after NFT marketplace X2Y2 introduced a new feature that affords buyers with the discretion to decide whether they pay a royalty fee — and, if so, how much — when buying an NFT.
Magic Eden cleared the air in its most recent thread, noting that it launched MetaShield in order to protect creators, rather than punish buyers.
“Most people recognize that zero royalty marketplaces for all creators shouldn’t become the ecosystem norm,” argued Magic Eden:
“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 confirmed that they will not be taking control of NFTs and that the royalty enforcement tool will not serve to punish buyers.
5/ Finally, clearing up misconceptions:
Is Magic Eden taking control of my NFTs? No.
ME isn’t changing anyone’s NFT. MetaShield is a tool for creators. Creators have choices on how to use it. Most NFTs are mutable. Creators have always had the ability to change their NFTs.
— Magic Eden ???? (@MagicEden) September 13, 2022
According to Magic Eden, MetaShield was built to allow creators “to track Solana NFTs listed with custom royalties” and “take action where they see fit” to protect their brand.
According to the Magic Eden website, NFT creators are afforded “Editor” rights to shield the NFT, which allows them to modify the royalty, add a watermark or blur the image. Once the debt has been paid, the Editor can revert the NFT back to its original state.