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:

  1. Current Listings

  2. Trades

  3. 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. (As of Sep 13, 2022, this pane will aggregate listings from Yawww, Solanart and FoxySwap.)

  • 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.

  1. Marketplace excluder

    Allows you to select which marketplaces would be excluded in the editor table.

  2. Debt calculator

    Allows you to recalculate the "total debt" based on a selected start date.

  3. 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:

  1. https://coralcube.io/metashield - this will check for "shieldable" items in the connected wallet. Shieldable NFTs are:

    1. NFTs already shielded (modified by the creator)

    2. NFTs that have accumulated debt, and

    3. NFTs listed in marketplaces with customized royalties.

  2. https://coralcube.io/metashield?collection_symbol={symbol} - this will display all shieldable NFTs for a given collection symbol

  3. 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.

Getting notifications:

You can also get notifications whenever an item is listed or sold at customized royalties, and also when a royalty debt is repaid. Here are the steps:

  1. Join the Coral Cube Discord server

  2. Verify yourself via the Verification Channel

  3. Make sure you allow Coral Cube to send you direct messages by opening Privacy Settings under the Server Name and switching on the toggle for Direct Messages.

  4. Proceed to the #notif-bot-guide channel

  5. Click on @coralcube-notifs, and send the bot a direct message

  6. In your direct message with the @coralcube-notifs bot, type /add_collection <collection_name>. You will get a confirmation message and will now receive DMs when someone lists or sells at customized royalties, as well as when someone repays royalty debts.

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