Solana’s largest NFT marketplace, Magic Eden, is taking a stand against NFT scams and rug pulls. In an unprecedented announcement, the company confirmed they are announcing new rules. This new system is in place to protect traders and their assets.
Many will be happy with the announcement as it offers an extra layer of security. However, it will be a hard pill to swallow for those who value their anonymity. In fact, they might look elsewhere instead of opting to dox themselves on the popular marketplace.
Magic Eden is introducing the rules after multiple rugs pulls in 2022. The platform wants to ensure that customers can trade safely. They paused their marketplace to figure out how to make the platform safer. Today, they reopened and set the new rules in place.
Meanwhile, it isn’t a complete public dox for those concerned about anonymity. Users must privately submit personal contact information for NFT creators, who cannot be anonymous. Furthermore, this move ensures that the NFT platform has all the information to pursue the criminal should anything happen.
Magic Eden undoubtedly made a brave move, but something has to happen. If the NFT space wants to grow, it has to deal with the issues that plague the community. Unfortunately, NFT scams and rug pulls are common practice. The entire NFT space must address this.
Finally, Magic Eden is taking a stance and saying enough is enough. It will be interesting to see if other major NFT platforms follow suit.