Magic Eden Defends Its New Tools from NFT Community
Magic Eden, a Solana-based non fungible token (NFT) marketplace, has brushed off some community backlash after the launch of its new tools, MetaShield.
A New Tools to Protect NFT Creator
Previously, Magic Eden partnered with Coral Cube, NFT marketplace and aggregator, to launch MetaShield on September 12.
It is a tool that allows creators to flag or blur the image when a listed or traded NFT bypasses creator royalties.
Magic Eden stated that the aim behind releasing these tools is to protect creators instead of punishing buyers.
“Most people recognize that zero royalty marketplaces for all creators shouldn’t become the ecosystem norm. What we do is an experiment, collaborate, and ship. MetaShield might not be perfect, but it provides an option to creators in this debate,” argued Magic Eden.
Related: Azuki’s Bobu Returns From Space, Sparking Rumors Of Something New Coming!
Just a few weeks ago, NFT marketplace X2Y2 introduced a new feature allowing buyers to decide whether to pay a royalty fee when buying an NFT.
Mixed Reaction from NFT Community
This new enforcement tool has received various reactions from the NFT community which split on whether NFT marketplaces should protect creator rights or reduce royalty fees so that NFTs are more affordable for collectors.
MetaShield is further centralized in the Magic Eden NFT marketplace, according to one Twitter user, while another argues that creators will not mint NFTs if MetaShield is used.
There is no way you haven't seen the discussion regarding your own 2% fees on all volume, and then there is the blurring of the jpegs…
You're the problem not the royalties, bunch of centralised cucks. https://t.co/PyTNrN309v
— Grug (@WiseGrug) September 14, 2022
“There is no way you haven’t seen the discussion regarding your own 2% fees on all volumes, and then there is the blurring of the jpegs…
You’re the problem, not the royalties, a bunch of centralised cucks,” said Grug, a Twitter user.
Related: Web3 Creates the Emergence of Subgenre of NFT Music
On the other hand, some people have also supported Magic Eden in creating the tools to protect NFT creators.
Honestly its heart warming to see a marketplace leading charge on protecting creators thx @MagicEden ❤️ Refer to @Zeneca_33 Letter 30 👇🏻 to understand current creator royalty payout practices and the challenges on enforcing them https://t.co/LU6UcHPfsb
— cathleen.eth (@spicyccnyc) September 14, 2022
“Honestly it’s heartwarming to see a marketplace leading charge on protecting creators thx @MagicEden,” said cathleen.eth, a Twitter user.
For more info regarding Crypto Alpha and NFTs Alpha. Always follow us on Twitter and Instagram