Magic Eden Gets Negative Reactions From NFT Royalty Enforcement Tool
Magic Eden, a Solana-based nonfungible token (NFT) marketplace, has faced some community reaction with the debut of MetaShield, a new enforcement tool designed at discouraging NFT purchasers who do not pay creator royalties.
Following its September 12 launch, MetaShield, which was reportedly launched in partnership with NFT marketplace and aggregator Coral Cube, received mixed reactions from the NFT community, which was divided on whether NFT marketplaces should protect creator rights or cut royalty fees to make NFTs cheaper for collectors.
The NFT royalty enforcement tool is intended to assist NFT authors to identify and blur NFTs that may have been sold without avoiding creator payments.
On September 14, Magic Eden defended its new tool on Twitter, claiming that “custom” royalty marketplaces are punishing some of the hardest working creators today.
The new tool was released just a few weeks after NFT marketplace X2Y2 announced a new feature that allows purchasers to choose whether or not to pay a royalty charge — and, if so, how much — when purchasing an NFT. In its most recent discussion, Magic Eden clarified that MetaShield was created to protect authors rather than punish purchasers.
MetaShield, according to Magic Eden, was created to allow authors to follow Solana NFTs listed with unique royalties and take action as needed to safeguard their brand.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Magic Eden Gets Negative Reactions From NFT Royalty Enforcement Tool
Magic Eden, a Solana-based nonfungible token (NFT) marketplace, has faced some community reaction with the debut of MetaShield, a new enforcement tool designed at discouraging NFT purchasers who do not pay creator royalties.
Following its September 12 launch, MetaShield, which was reportedly launched in partnership with NFT marketplace and aggregator Coral Cube, received mixed reactions from the NFT community, which was divided on whether NFT marketplaces should protect creator rights or cut royalty fees to make NFTs cheaper for collectors.
The NFT royalty enforcement tool is intended to assist NFT authors to identify and blur NFTs that may have been sold without avoiding creator payments.
On September 14, Magic Eden defended its new tool on Twitter, claiming that “custom” royalty marketplaces are punishing some of the hardest working creators today.
The new tool was released just a few weeks after NFT marketplace X2Y2 announced a new feature that allows purchasers to choose whether or not to pay a royalty charge — and, if so, how much — when purchasing an NFT. In its most recent discussion, Magic Eden clarified that MetaShield was created to protect authors rather than punish purchasers.
MetaShield, according to Magic Eden, was created to allow authors to follow Solana NFTs listed with unique royalties and take action as needed to safeguard their brand.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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