Law firm urges Metaplex rethink fee sweep or risk ‘extended litigation’
Burwick Law says Metaplex could be sued if it doesn’t change its plan to sweep unclaimed NFT value from its resize upgrade to its DAO treasury instead of returning them to NFT holders.
Crypto law firm Burwick Law has called out Solana-based non-fungible token platform Metaplex’s plan to sweep unclaimed Solana (SOL) into its treasury instead of returning it to investors, suggesting it could be at risk of litigation if it follows through with the plan.
Last year, Metaplex, an NFT protocol, discovered a way to reduce the amount of onchain storage required for certain NFTs. By resizing the NFTs, Solana NFT holders can claim a small amount of SOL.
In October, Metaplex said that Metaplex Token Metadata (TM) NFT holders will be able to execute a “resize optimization” for all TM accounts with a deadline of April 25.
