Source: Cointelegraph Original: "{title}"
The crypto law firm Burwick Law has criticized the NFT platform Metaplex on the Solana (SOL) platform, arguing that its plan to transfer unclaimed Solana tokens to its DAO treasury, rather than returning them to investors, could face litigation risks if implemented.
Last year, Metaplex, an NFT protocol, discovered a method to reduce the on-chain storage required for certain NFTs. By adjusting the size of NFTs, Solana NFT holders can claim a small amount of SOL.
In October of last year, Metaplex announced that holders of Metaplex Token Metadata (TM) NFTs would be able to perform "adjustment optimization" on all TM accounts, with a deadline of April 25.
If holders do not voluntarily execute the adjustments before the deadline, their excess SOL will be automatically transferred to the Metaplex DAO, and how these funds will be used has not yet been determined.
However, Burwick criticized Metaplex's plan to transfer unclaimed funds to the DAO treasury instead of returning them to NFT holders.
"Many minters have never received clear notification about the potential transfer of these Lamports (the smallest unit of transaction on the Solana network), let alone that these funds would be transferred to a treasury they cannot control," Burwick stated in an open letter to Metaplex and the Solana community on April 22.
Burwick pointed out that there are currently over 54,000 SOL tokens in an unclaimed state, while according to Metaplex's official website, only 7,043 SOL have been claimed to date. Based on current market prices, there are still over $6.5 million unclaimed.
Burwick stated that many NFT collectors they represent have expressed "deep concern" about this plan.
Burwick added that Metaplex's plan "undermines trust" and "contradicts the spirit of crypto."
"'Code is law' only works when the rules are clear and immutable. If a protocol can rewrite yesterday's agreement tomorrow, then the promise of decentralization loses its meaning."
Burwick indicated that if a court finds this action constitutes unjust enrichment or violates consumer protection laws, victims may be entitled to compensation.
Currently, Metaplex has not responded to Burwick's public post on X. Cointelegraph has reached out to Metaplex but has not received an immediate reply.
Metaplex stated that unclaimed SOL may be used for DAO airdrop voting, distributing grants to ecosystem builders, or supporting other related initiatives.
Burwick proposed alternative solutions that Metaplex should consider.
The crypto law firm suggested that Metaplex pause the current plan and directly return the funds to existing NFT holders while retaining a "modest" network maintenance reward of 10%.
"The 90/10 distribution plan protects users while maintaining DAO funds and demonstrates that the Solana ecosystem can self-regulate—without resorting to the courts."
Burwick noted that other DeFi protocols have also resolved similar issues in this manner.
These lawyers stated that Metaplex still has enough time to implement this strategy and avoid the litigation risk of frozen funds.
"The ball is now in the DAO's court. Let's show the world that Web3 can self-correct and uphold its founding principles of transparency, immutability, and fair trading."
Related: Gibraltar court ends two-month freeze on 542 million PLAY tokens due to legal dispute.
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