Magic Eden, the largest NFT marketplace on Solana, has launched a new royalty feature allowing creators to track their SOL NFTs listed with custom royalties and take the necessary precautions to safeguard their businesses.
In a September 13 blog post, Magic Eden confirmed launching its new feature dubbed “MetaShield.” Magic Eden has partnered with Coral Cube, an NFT marketplace, and aggregator, to launch the new feature.
NFT Royalties Explained
By description, royalties are automatic payouts given to creators each time their artworks are resold. In the NFT market, the original creator of the artwork set preferred royalties during the minting process. The average royalties typically range from 5 to 10% in many NFT marketplaces.
Royalties are essential revenue sources that support creators and enable them to grow their projects. In recent months, these royalties have faced threats from NFT marketplaces allowing collectors to set their royalties.
MetaShield will allow creators to track SOL NFTs listed with custom royalties and take the necessary actions to protect their projects. The new feature will enable them to identify every NFT listed or traded on the NFT marketplaces, bypassing creators’ royalties.
MetaShield To Curb Royalty Bypassing In NFTs
MetaShield is a vital tool for fighting royalty bypassing in the NFT industry. The new software will allow creators to shield their artworks or take any other step they feel is correct, including blurring the artworks, updating the metadata, or even flagging their NFTs.
If an artwork with bypassed royalties is resold, it will automatically incur dept for the unpaid royalties to the new owner. However, these royalties in dept can be settled by anyone to make the NFT “whole” again.
According to Magic Eden, the idea of shielding is not to punish the buyers but will act as a way of warning them that they are not honoring the creator’s royalties. The NFT marketplace has promised to develop more tools based on the needs of the creators.
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