Magic Eden Launches MetaShield to Protect NFT Creator Royalties

In collaboration with CoralCube, an NFT marketplace, Magic Eden introduces MetaShield, allowing producers to track SOL NFTs listed with unique royalties and take the appropriate security measures for their companies. «MetaShield identifies NFTs listed/traded on marketplaces that avoid creator royalties,» reads the blog post. https://twitter.com/MagicEden/status/1569485283242160128 The designers are free to «shield» or take any actions they see fit, such as enhancing the metadata, obscuring the image, or flagging the NFT. A debt for the unpaid royalties that can be paid to «unshield» an NFT that avoids paying royalties is incurred when the NFT is purchased. The shielding procedure should not penalize buyers. The buyer was informed that they are not «honouring» the royalties due to the creator.

Magic Eden Still Rules Solana Marketplace

As the largest Solana NFT market, Magic Eden continues to spread its sorcery among NFT collectors. Other marketplaces have fallen like a house of cards due to the platform. The August 2022 statistics unmistakably demonstrate how a considerable lad dominates the competition. The dominant market virtually encompasses the entire Solana ecosystem, according to the data provided by Dune Analytics. According to the analytics, the platform handled more than 99% of the monthly transactions. On August 12, 2022, Solsea, another NFT platform in the ecosystem, crept up to account for 12% of NFT transactions. Other platforms, like Solanart, Alpha, Solsea, and others, persisted in the background.

Partnership With Major Corporations

The platform announced notable partners on the deck, including Alameda Research, Coinbase Ventures, Sequoia Capital, Solana Ventures, and more. Magic Eden secured 130 Million USD in a series B funding round led by Greylock Patterns and Electric Capitals in May 2022, sending the company’s worth to 1.6 billion USD.

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