Solana’s largest NFT marketplace, Magic Eden, launches MetaShield in partnership with NFT marketplace CoralCube to allow creators to track SOL NFTs listed with custom royalties and take the necessary precautions to safeguard their businesses.
According to the blog post, “MetaShield identifies NFTs listed/traded on marketplaces that bypass creator royalties.”
The creators are free to “shield” or take whatever steps they feel fit, such as blurring the image, updating the metadata or flagging the NFT.
When an NFT that bypassed royalties is bought, it incurs a debt for the unpaid royalty that can be paid to “unshield” it.
Buyers are not to be punished by the shielding process. A potential buyer forewarned that they are not “honoring” the creator royalty.
Three ways to access the repayment flow:
- coralcube.io/metashield: This will check for “shieldable” items in the connected wallet. Shieldable NFTs are:
- NFTs already shielded (modified by the creator)
- NFTs that have accumulated debt.
- NFTs listed in marketplaces with customized royalties.
- coralcube.io/metashield?collection: Display all shieldable NFTs for a given collection symbol.
- coralcube.io/metashield?mint: Show the selected NFT with corresponding actions depending on the status of the item.
The debt in this case is calculated as the cumulative debt, i.e., the difference between royalties paid and the royalty amount embedded in the NFT’s metadata for all trades of that particular NFT starting at a point in time specified by the creator.
Must an NFT be shielded and/or accumulate debt, it can be accessed through the above links and will show as a card with a button to “Pay Debt”.
Magic Eden noted, “MetaShield is just one tool we’ve developed to address the issue of bypassing royalties – More to come.”
Also Read: Magic Eden Proposal aims to Build NFT Marketplace for ApeCoin Holders
