Top NFT marketplace MagicEden has announced a new feature called MetaShield. The feature is geared toward helping creators secure their royalties into the future.
It was developed in collaboration with Coral Cube and helps creators track their Solana-based assets that are listed with custom royalties. By identifying these assets on NFT marketplaces, creators can make sure that their due royalties are paid.
If they identify an NFT that is being listed to bypass the royalty requirement, they can take action. These can include blurring the images and flagging the NFTs entirely. Even if these NFTs are sold without royalties being paid, their metadata will show a debt of royalties that they have incurred which can be paid to the creator at a later date.
Royalties are a big deal for NFT creators as they represent a significant chunk of their earnings. More than this, they are meant to guarantee a passive income for them as their works change hands and royalty dodging robs them of this.
This was MagicEden’s motivation behind developing this tool and there are currently plans to do even more in the future.
“MetaShield is just one tool we’ve developed to address the issue of bypassing royalties – More to come. We consulted with many of the top projects in the space while building this tool with @coralcubenft,” the official MagicEden Twitter said.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.