The magic of EdenSolana based non-fungible token (NFT) marketplace, It is the latest platform to release a tool that allows creators to charge royalties for their collections.
The news comes on the heels of NFT market rival OpenSea announcing a similar tool in early November.
According to a statement issued on December 1, the An open source royalty enforcement tool developed based on Solana’s SPL token standard is called the Open Creator Protocol (OCP).. This will allow to apply for new groups adhering to the standard from 2 December.
Last November 5, on the occasion of Solana’s Breakpoint 2022 conference, Lu actually floated the idea of NFTs designed to charge royalties, emphasizing the need for NFT creators to have “sustainable revenue model”.
Creators who use OCP will also be able to exclude markets that have not applied royalties to their collections. Magic Eden will still reserve optional royalties on its platform for non-OCP groups.
2/ The Solana community is awaiting a decision on royalties.
When we moved to optional royalties in mid-October, we mentioned that we hope to return to a royalty-compliant system soon. However, the latter needs protocol-level security to be truly defensible.
– Magic Eden (@MagicEden) December 1, 2022
2/ The Solana community is awaiting a decision on royalties.
When we went into optional royalties in mid-October, we said we hoped to return soon to a world that respects royalty. However, royalties needed to be protected at the protocol level in order to be truly defensible.
– Magic Eden (@MagicEden) December 1, 2022
In a Twitter thread posted on December 1, Magic Eden stated this “The inability to apply OCP retrospectively to existing groups”and informing the creators that they will have to implement this “burn [e] re-mint”sending the NFTs to an unrecoverable wallet address and re-issuing the pool.
“We’ve had positive conversations with several ecosystem partners to identify solutions for creators early.”Lu said in the statement. He added that the target market with OCP is Support Royalty Immediately For new groups, waiting for coordination with other partners to find other solutions.
An additional feature of the protocol, which Magic Eden talked about, It’s the creators’ ability to offer dynamic royalty – which may reduce the value of the royalty for buyers who pay higher prices – and customizable icon portabilitywhich you might see, for example, NFTs are limited to a number of exchanges or are subject to a freeze for a certain period of time.
In October, Magic Eden moved to an optional ownership model, allowing buyers to select the royalties they are willing to pay for projects, causing a split of opinion within the Twitter NFT community.
OCP is similar to the on-chain tool OpenSea launched in early November. That restricts NFT sales to only royalty-only markets.
Magic Eden created a similar royalty-enforcement tool, MetaShield, in partnership with marketplace and peer aggregator Coral Cube in September before moving to optional royalties.