Magic Eden, a marketplace for Solana-based NFTs, has launched MetaShield. According to reports, the launch of MetaShield took place on September 12 in partnership with Magic Eden and Coral Cube. The launch would have helped the market scare off some buyers who are avoiding the creator fee.
The emergence of NFTs has led to an evolution in the ownership of digital assets. However, problems are constantly arising in the market even as the NFT sector is gaining more and more traction 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 NFT market traders attempt to circumvent creator fees. MetaShield is one of the enforcement tools developed to warn 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 has received mixed reactions within the NFT community. Some believe that the market should protect the rights of NFT creators. Others believe that royalties should be lower so that NFTs are cheaper.
Magic Eden defends MetaShield, a protection tool
magic eden made a tweet to respond to community feedback. The tweet said some hard-working creators are being punished because their collections trade without royalties. He further noted that most transactions in custom royalty marketplaces are royalty-free.
Magic Eden noted that Metashield emerged to protect the rights of creators, not to punish collectors. He said creators have the right to choose how they use the tool, and Magic Eden is not trying to take control of their NFTs. He also said that Magic Eden won’t support anyone’s NFT.
The market 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 best developers to achieve it.
Another new application tool has recently appeared on the NFT market. The new tool arrived just a few weeks after the X2Y2 market introduced a new feature. The new X2Y2 feature allows buyers to choose whether or not to pay a royalty. The feature also allows NFT buyers to decide how much royalty to pay.
The community reacts against the addition of blurred images on NFTs
Magic Eden has released a statement on the official website regarding the additional functionality offered by MetaShield. According magic eden, Metashield allows NFT creators to protect their NFT by changing the watermark fee. The watermark would be removed when the collector pays the due royalties.
Some members of the NFT community have reacted negatively to the addition of blurry images to NFTs. Some went to vent their tantrums on Twitter. 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 put a smart contract, the NFT market reserves the right to honor a fee or not.
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