Magic Eden, a marketplace for Solana-based NFTs, has launched MetaShield. According to reports, MetaShield’s launch will take place on September 12th in partnership with Magic Eden and Coral Cube. The launch reportedly helped the market scare away some buyers who avoided creator loyalty.
With the advent of NFTs, ownership of digital assets has evolved. However, despite the NFT sector gaining more and more momentum in the cryptocurrency industry, the market is constantly experiencing problems.
NFT creators are often entitled to royalties for their NFT collections, but some collectors avoid paying. Some form of regulation or enforcement is needed to eliminate these problems.
Some traders on the NFT Marketplace try to avoid creator royalties. MetaShield is one of the enforcement tools developed to warn her NFT buyers who avoid loyalty to the creator. MetaShield allows NFT creators to track NFTs listed with unique royalties and identify those that were sold without royalties.
However, MetaShield has sparked mixed reactions among the NFT community. Some believe the marketplace should protect the rights of her NFT creators. Others believe that royalty fees should be lowered so that NFTs are cheaper.
Magic Eden Defends Protection Tool MetaShield
Magical Eden made Tweet Address community feedback. The tweet states that some hard-working creators will be punished because the collection trades without royalties.Additionally, custom royaltiesMost transactions on his marketplace are done with zero royalties. I also mentioned that
Magic Eden pointed out that Metashield appeared to protect the rights of creators, not to punish collectors. Creators have the right to choose how they use their tools, and Magic Eden says he’s not trying to control NFTs. It also states that Magic Eden will not hijack anyone’s NFTs.
The market further explained that Metashield is not a perfect solution to the loyalty problem. However, according to the tweet, they’re looking for the best model and are working with top developers to achieve it.
Another new coercion tool has recently appeared on the NFT market. The new tool came just weeks after the X2Y2 Marketplace introduced new features. The new X2Y2 feature allows buyers to choose whether or not to pay royalty fees. This feature also allows NFT buyers to determine the amount of royalties they will pay.
Community reaction to adding blurred images in NFT
Magic Eden has released a statement on its official website regarding additional features provided by MetaShield.according to magic eden, Metashield gives NFT creators the right to protect their NFTs by turning their royalties into watermarks. The watermark will be removed once the collector pays the due royalties.
Some members of the NFT community reacted negatively to adding blur images to NFTs. Some even let out tantrums on Twitter. They expressed that Magic Eden was the problem and not the Royalties.
Langston-Thomas also added a comment on the royal debate. said.
Featured image from Pixabay and chart from TradingView.com
