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Proposed Magic Eden NFT Royalty Enforcement Tool Stirs Debate In NFT Community

Started by Bitcoin, Sep 16, 2022, 09:20 am

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Proposed Magic Eden NFT Royalty Enforcement Tool Stirs Debate In NFT Community

Magic Eden, a marketplace for Solana-based NFTs, launched MetaShield. According to reports, the MetaShield launch was on September 12 in partnership with Magic Eden and Coral Cube. The launch has reportedly helped the marketplace to scare off some buyers who avoid creator royalty.

The emergence of NFTs has resulted in an evolution of digital asset ownership. However, issues constantly arise in the marketplace, even though the NFT sector is increasingly gaining traction in the crypto industry.

NFT creators are often entitled to royalties on their NFT collections, but some collectors avoid paying them. A form of regulation or enforcement is required to eliminate these issues.

Some traders in the NFT marketplace try to bypass creator royalties. MetaShield is one of the enforcement tools developed to caution NFT buyers who avoid creator loyalties. MetaShiel allows NFT creators to track NFTs listed with unique royalties and identify those sold without royalties.

However, MetaShield stirred mixed reactions among the NFT community. Some think the marketplace should protect the rights of NFT creators. Others think royalty fees should be lower so that NFTs will be cheaper.

Magic Eden Defends MetaShield A Protection Tool

Magic Eden made a tweet to address the community feedback. The tweet stated that some hardworking creators get punished because their collections trade without royalties. It further noted that most trades in custom royalty marketplaces occur with zero royalty.

Magic Eden noted that Metashield emerged to protect creators’ rights 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 over their NFTs. It also said that Magic Eden is not taking over anybody’s NFT.

The marketplace further explained that Metashield is not the perfect solution to the royalty issue. 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 surfaced in the NFT marketplace. The new tool came just weeks after the X2Y2 marketplace 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.

Community Reacts Against Blur Image Addition On NFTs

Magic Eden released a statement on official website regarding the additional feature offered by MetaShield. According to Magic Eden, Metashield enables NFT creators the right to protect their NFT by modifying the royalty to watermarks. The watermark would be removed when the collector pays the due royalty fee.

Some members of the NFT community reacted negatively to the addition of blur images to NFTs. Some went to pour their tantrums on Twitter. They expressed that Magic Eden is the problem and not the Royalties.

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Langston Thomas also added a comment regarding the royalty debate. He noted that even if they put a smart contract, the NFT marketplace reserves the right to honor a royalty or not.

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Source: Proposed Magic Eden NFT Royalty Enforcement Tool Stirs Debate In NFT Community