Magic Eden Introduces NFT Royalty Enforcement Tool Dubbed Open Creator Protocol
Magic Eden Introduces NFT Royalty Enforcement Tool Dubbed Open Creator Protocol

Reacting to NFT royalty enforcement changes, Magic Eden launches Open Creator Protocol.

Magic Eden, a Solana-based non-fungible token (NFT) marketplace established in 2021, has launched an open-source tool dubbed Open Creator Protocol.

According to the press release shared on December 1st, the Open Creator Protocol was launched in response “to recent royalty enforcement changes in the NFT landscape.”

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In the press release, Magic Eden highlighted that its Open Creator Protocol (OCP) is built on “Solana’s SPL managed-token standard.”

The OCP tool allows royalty enforcement on new NFT collections that choose to use the protocol. It is worth emphasizing that the tool is available to all new NFT launches starting December 2nd.

On top of that, with OCP, NFT creators will be able to ban marketplaces that have not enforced royalties on their collections. In the press release, the company highlighted that for creators who choose not to use OCP, “royalties will remain optional.”

However, in its tweet, Magic Eden stated that OCP is not available to existing collections. According to the company, if owners of existing collections want to protect their royalties, they have to burn and remint them.

When commenting on the launch, Magic Eden Co-Founder and CEO Jack Lu stated that the company was working with “multiple ecosystem partners” to find the best solution for NFT royalties. In the press release, Jack Lu noted:

The Solana community has been waiting for solutions to NFT royalties. <…> 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.

It is worth noting that Jack Lu first teased the idea about OCP on November 5th, during Solana’s Breakpoint 2022 conference. At that time, Magic Eden’s CEO stated that NFT creators must have a “sustained revenue model.”

The Open Creator Protocol will also include additional features, such as “dynamic royalties and customizable token transferability.”

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

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