Magic Eden, a Solana-based non fungible token (NFT) marketplace, has released a tool that enables creators to enforce royalties on their collections, joining the growing list of platforms that have done so.
🧵 Today’s a big day!
We’re excited to launch Open Creator Protocol, an open source, free, feature-rich tool built on Solana’s managed-token standard in the SPL library, for creators to protect royalties on new collections.
We hope it becomes 1 of many royalty protection tools. pic.twitter.com/IZq4QscXaI
— Magic Eden 🪄 (@MagicEden) December 1, 2022
According to a report, the Open Creator Protocol is an open-source solution built on Solana that allows creators to impose royalties on new collections and take advantage of extra creator-centric features.
Jack Lu, CEO and co-founder of Magic Eden, stated:
“The Solana community has been waiting for solutions to NFT royalties, We have been in active conversations with multiple ecosystem partners to identify solutions for creators in a timely manner. Our intention with Open Creator Protocol is to immediately support royalties for creators launching new collections, while continuing to coordinate with ecosystem partners for more solutions.”
The Open Creator Protocol, which impacts creators creating new collections, will be available starting today. All collections that accept the protocol will be subject to royalties being enforced by Magic Eden, and creators will be given the option to block marketplaces that have not done the same for their collection.
Royalties will continue to be optional on Magic Eden for new collections that don’t use OCP. At the same time, Magic Eden will also include any other future royalty enforcement protocols that emerge and are accepted by the market.
In addition to enforcing royalties, the Open Creator Protocol provides customizable token transferability and dynamic royalties. The dynamic royalties feature may lower the nominal value of royalties for purchasers who pay a higher price for the NFT by defining a link between the sale price and the royalty amount using a linear price curve.
Customizable transferability can be used for a variety of purposes, such as preventing trading of the collection’s tokens before the mint closes or imposing trade ability restrictions based on the passage of time, the total number of trades, or metadata content.
Before switching to optional royalties, Magic Eden built a similar tool for enforcing royalties, called MetaShield, in collaboration with peer marketplace and aggregator Coral Cube.
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