Magic Eden's new NFT shield didn't protect them from this fud...

GM Baos.

Happy Monday, happy merge. I hope you had a killer start to your day and was able to make the most of this ETH volatility. If not – join the club 😆

If I knew the Merge would send ETH down to the $1200s, I think I would've been better without it... pshhhhk

Today we cover:

• Magic Eden's new launch – MetaShield

• The Terra saga continues...

• Epic Games launches their first web3 game! 💙

Magic Eden launches MetaShield

The tea is HOT with this one 🍵 Magic Eden sparks controversy with their new NFT creator tool— MetaShield. The backlash they received was astronomical. I would say more so than what X2Y2 got for making royalties optional.

Magic Eden is partnering with another SOL marketplace, Coral Cube, to make this happen. The new tool allows creators to review listings and sales of NFTs that bypassed royalties.

Creators will now be able to “filter” for NFT trades by name, buyer/seller, royalty fee, time and marketplace. If they see that someone chose custom royalties, the creator can then choose to shield the NFT.

Shielding includes things like blurring/watermarks, changing the item description and modifying royalties.

Magic Eden really is pulling out all the stops. What’s their intention? To help creators protect their royalties. Like most people, Magic Eden doesn't want to see 0% royalties become the norm.

TLDR to the outraged anons…

• Founders editing someone's NFT is not right

• Decentralization is why we’re here

• Creators should focus on other revenue sources (not just on royalties)

• The space is becoming more Web2—where people at the top can do whatever they want

• This is not bullish for SOL NFTs— people will move back to ETH

Twitter was pretty divided, but by far there were more people against MetaShield. Magic Eden actually had to come out with a second thread clearing up a few things.

They clarify that creators can only edit listed NFTs, not ones that are bought. And that while MetaShield might not be perfect, at least it gives creators an option in the royalties debate.

The Terra saga continues

Thanks to Twitter, we know that Do Kwon (TerraForm Labs founder) is not on the run 🤣

He tweeted to CT that he will only tell you what he’s doing/where he’s at if you’re his friend, have plans to meet or are involved in a gps based web3 game. He also says he’s in the process of defending himself in multiple jurisdictions— definitely not running from anything.

While his location is currently unknown, he has a warrant out for his arrest (under the Capital Markets Law) in South Korea. That’s where he was living there before the Luna crash in May.

Authorities need him to go back to South Korea—where he’s being prosecuted. So right now the main priority is doing everything they can to find him.

To help with this, The Korean Ministry of Finance is working to void Do Kwon’s passport, along with five other team members connected to the Luna fiasco.

It could take up to a month for his passport to be voided, but this would make it a bit easier to find him, since he won’t be able to travel very far.

I don’t know about you Baos, to me it sounds like Do Kwon is on the run.

Epic Games X Web3 🎮

Epic Games (creators of Fortnite) just launched the first NFT game on their store. It’s called Blankos Block Party 😎

Blankos Block Party is a vibrant open-world multiplayer game styled like a giant block party, with a focus on custom art and design, building your own levels, exploration of user created levels, and curating your collection of unique and rare Blankos! — Epic Games 💬

The beta for this game has been around since 2020! Previously available only on the Mythical Games site.

Blankos Block Party is getting ready for a full launch/ debut of Season 1 on September 28.

This launch brings

• Access to new styles

• Updated visuals/navigation experience

• Bug fixes

How are NFTs incorporated?

The game characters, Blankos, can be bought/sold as digital collectables on the Mythical Marketplace. Blockchain technology allows for the verification of items you own!

Note: There is no need to buy an NFT or connect a wallet to play the game.

Interestingly, Gala’s battle royale game GRIT was supposed to be the first web3 game on the Epic Games Store. It would have been epic for Gala’s game to be first, but better late than never 🤪

Blankos Block Party is free to play, so what are you waiting for?

Bao-Sized News

• Dogecoin is now the second largest proof-of- work (PoW) coin. After Bitcoin of course 🧡

• An accounting bug at Binance leaves them down 4.8 million HNT tokens (~$20 mil)

• Trust Wallet adds support for Solana dApps

Made us Kek

Catch you on the flip side of this bear.

–Lili