The new MetaShield by Coral Cube gives creators who hold Update Authority the ability to review listings and sales of NFTs that bypassed royalties, as well as modify these same NFTs from their collection. Modifications to NFTs with royalty ‘debt’ incentivises recognition of the hard work that creators do to ensure the NFT retains its underlying value, and warns a potential buyer that they're not honoring creator royalties
Accessing the creator tool:
First, log on to https://coralcube.io/inspector and connect the wallet with the update authority. You’ll see the three main features of the tool:
Current Listings
Trades
Editor
1. Current Listings
The ‘Current Listings’ pane shows all current listings on marketplaces with customized royalties. You can use this view to:
Review current listings aggregated from marketplaces with customized royalties.
See and sort using the following fields: Symbol, Name, Mint Address, Listed Royalty, Price, Marketplace, Seller. (Note: Click on the vertical ellipsis icon to expand the selection for each field.)
Export the data as a CSV
PRO TIP: If you are noticing more and more listings on customized royalty marketplaces, you can consider incentives to encourage delisting and relisting on a marketplace where creator royalties are honored. |
2. Trades
The ‘Trades’ pane gives creators the ability to review all past trades that were made with customized royalties. You can use this view to:
Collect token addresses of sold NFTs that bypassed full royalties.
See and sort using the following fields: Name, Mint, Royalty Fee, Price, Seller, Buyer, Marketplace, Time (Note: Click on the vertical ellipsis icon to expand the selection for each field.)
Export the data as a CSV.
In the ‘Marketplace’ field, if ‘CreatorPayer’ is displayed it means that a debt has been settled with the creator. Note: anyone can settle the accumulated debt associated with an NFT. More info here.
PRO TIP: To further discourage bypassing or customizing of royalties, you can consider withholding benefits from holders of debt-ridden NFTs such as not allowing these items to be staked and removing access to holder discord channels. |
3. Editor
The ‘Editor’ pane gives creators the ability to modify their NFTs.
Filters
There are three ways to filter NFTs shown in the Editor table.
Marketplace excluder
Allows you to select which marketplaces would be excluded in the editor table.
Debt calculator
Allows you to recalculate the "total debt" based on a selected start date.
Filter by modifications
Allows you to filter according to:
All mints: includes all the mints assigned to the connected update authority wallet
Modified mints with customized royalties or debt: shows ‘modified’ or ‘shielded’ NFTs that you may want to revert back to its original, unmodified state after royalty debts are settled
Unmodified mints with customized royalties or debt: shows NFTs that have not been shielded, and will be the filter used to do the actual shielding of NFTs. This will include both current listings and past trades.
PRO TIP: Set clear expectations with your community that from a specific date, you will be using this tool to modify NFTs. This could help minimize fud and even discourage the customizing of royalties. Contact us or Coral Cube if you'd like this start date configured. |
As usual, you can also do the following:
Review and sort by the following fields: Symbol, Name, Mint, Original Royalty, Modified(Y/N), Listed Royalty, Total Debt, Last Debt, Marketplace, Sell Price, Seller (Note: Click on the vertical ellipsis icon to expand the selection for each field.)
Export the data as a CSV.
Shielding an NFT
The 'Editor' can be used to change an NFT’s image/video and its associated metadata. Any changes made using the ‘Editor’ are reversible.
First, choose the Unmodified mints with customized royalties or debt filter.
Next, select an NFT or several NFTs.
Finally, use the editor to:
Modify royalties
Change the item description
Add a watermark on the image
Blur the image
Revert any changes made (i.e., an undo button)
PRO TIP: Shield only current listings if you don't wish to modify NFTs that have already been on-sold to a second buyer with its royalties honored. To do this, make sure to filter by Marketplace (click the vertical ellipse next to the Marketplace field) before making your modifications. |
Reverting an NFT
The editor tool allows the creator to revert an NFT back to its previous (modified) or original state. Changes to NFTs occur in sequence. If the creator adds a watermark to an NFT then adds a blur after that, they will have to revert the NFT twice to get it back to its original state.
Accessing the repayment tool:
MetaShield also allows for royalty debts to be settled by anyone – it doesn’t have to be the same person who holds a shielded NFT.
There are three ways to access the repayment flow:
https://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, and
NFTs listed in marketplaces with customized royalties.
https://coralcube.io/metashield?collection_symbol={symbol} - this will display all shieldable NFTs for a given collection symbol
https://coralcube.io/metashield?mint={mint address} - this will show the selected NFT with corresponding actions depending on the status of the item
Repaying a debt
Should an NFT be shielded (modified by the creator) and/or accumulate debt, it can be accessed through the above links and will show as a card with a button to ‘Pay Debt.’ The debt here is calculated as the cumulative debt, i.e., the gap between royalties paid and the royalty amount embedded in the NFT’s metadata for all trades of that specific NFT from a point in time specified by the creator.
Transactions done using this button will reflect as Marketplace = CreatorPayer in the Trades pane, as indicated above.
API
You can read about Coral Cube's Royalty API documentation here.