Solana-based non-fungible tokens (NFT) market Magic Eden fended off some negative community backlash after launching MetaShield, a new enforcement tool intended to deter NFT buyers infringing on creators’ copyrights.
MetaShield, which was launched in partnership with NFT Marketplace and the Coral Cube aggregator, saw mixed reactions from the NFT community after its launch on September 12, who were split over whether NFT Markets should protect creators’ rights or lower royalty fees to make NFT cheaper for them. collectors;
The NFT Copyright Enforcement Tool is designed to allow NFT creators to flag and blur NFTs that may have been sold and that have managed to override the creators’ copyrights.
In an eight-part tweet on Twitter on Wednesday, Magic Eden defended its new tool, noting that some of “today’s most serious creators” are being “punished” by “custom” property markets.
The new tool came just a few weeks after NFT Marketplace X2Y2 introduced a new feature that gives buyers the discretion to decide whether to pay a royalty fee – and if so, how much – when purchasing an NFT.
Magic Eden cleared the air on its latest series, stating that it launched MetaShield in order to protect creators, rather than punish buyers.
“Most people realize that royalty-free markets for all content creators should not become the norm of the ecosystem,” said Magic Eden.
“What we do is experiment, collaborate, and ship. MetaShield may not be perfect, but it does provide an option for creators in this debate.”
The NFT market has also confirmed that it will not control NFTs and that the property rights enforcement tool will not penalize buyers.
According to Magic Eden, MetaShield is designed to allow creators to “track Solana NFTs listed with assigned royalties” and “take actions they see fit” to protect their brand.
According to the Magic Eden website, NFT creators are given “editor” rights to protect the NFT, allowing them to modify royalty, add a watermark, or blur the image. Once the debt is paid off, the editor can return the NFT to its original state.
The launch of MetaShield from Magic Eden was met with mixed reactions from the community.
One Twitter user claimed that the addition of MetaShield made the Magic Eden NFT market more central, while another Twitter user said that no one would mint the NFT if content creators used MetaShield.
Another Twitter user said they are concerned that innocent buyers will be penalized because they will receive protection for the newly purchased NFT, noting:
“My biggest concern is that this penalizes the buyer – someone who may not know they bought incorrectly. After a certain period of time, the NFT will suddenly be ‘protected’. This will lead to an experience where they need to pay more.
However, Magic Eden was also praised by many for “protecting” the creators of NFT.
Not all NFT markets have sided with Magic Eden. Sudoswap has decided not to adopt the franchise fee model to make the NFT platform more convenient for the buyer by subjecting them only to standard platform fees.
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Additionally, nft now’s Langston Thomas said that even if smart contracts are put in place to pay royalties to creators, it will ultimately be up to the NFT market to honor the ownership agreement.
This is because the NFT marketplace receives the royalty first through the transaction, and is not obligated to pass on this royalty.