{"id":41673,"date":"2022-12-02T16:14:17","date_gmt":"2022-12-02T20:14:17","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41673"},"modified":"2022-12-02T17:59:52","modified_gmt":"2022-12-02T21:59:52","slug":"magic-eden-follows-opensea-with-nft-royalty-enforcement-tool","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/magic-eden-follows-opensea-with-nft-royalty-enforcement-tool\/","title":{"rendered":"Magic Eden follows OpenSea with NFT royalty enforcement tool"},"content":{"rendered":"\n
Magic Eden, a Solana-based nonfungible token marketplace<\/a>, has released a tool allowing creators to enforce royalties on their collections.<\/h5>\n\n\n\n
\"Magic
Magic Eden follows OpenSea with NFT royalty enforcement tool<\/figcaption><\/figure>\n\n\n\n

It comes after competitor NFT marketplace OpenSea revealed a comparable feature at the beginning of November. The Open Creator Protocol is the name of the open-source tool for enforcing royalties<\/a>, which is built on top of Solana's SPL token standard. As of December 2, this will enable royalty enforcement for new collections that choose to adopt the standard.<\/p>\n\n\n\n

At Solana's Breakpoint 2022 conference on November 5, Lu first proposed the idea of NFTs built to enforce royalties, citing the necessity for NFT creators to have a “sustained revenue model.”<\/p>\n\n\n\n

Additionally, OCP users\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> will be able to block marketplaces from selling their works if they don't enforce royalties. For collections that do not implement OCP, Magic Eden will continue to offer optional royalties on its platform.<\/p>\n\n\n\n

\n

\ud83e\uddf5 Today's a big day!

We\u2019re 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<\/use><\/svg><\/span><\/a><\/p>— Magic Eden \ud83e\ude84 (@MagicEden) December 1, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

In a Dec. 1 Twitter thread, Magic Eden said it \u201ccan\u2019t retroactively apply OCP to existing collections,\u201d telling creators they will have to conduct \u201cburn [and] re-mints\u201d where the NFTs are sent to an unrecoverable wallet address<\/a> and re-issued by the collection. Lu said in the statement:<\/p>\n\n\n\n

\n

\u201cWe have been in active conversations with multiple ecosystem partners to identify solutions for creators in a timely manner,\u201d <\/p>\n<\/blockquote>\n\n\n\n

He added the marketplace\u2019s intention with OCP was to \u201cimmediately support royalties\u201d for new collections while it coordinates with other partners for more solutions.<\/p>\n\n\n\n

The protocol promoted by Magic Eden also includes customizable token transferability, which could see, for example, NFTs limited to a certain number of trades or be subject to a trade freeze for a specific amount of time. Creators can also introduce dynamic royalties, which could lower the value of royalties for buyers who pay higher prices.<\/p>\n\n\n\n

Magic Eden switched to an optional royalties model in October, giving customers the freedom to choose the royalties they want to give to projects. This decision divided the NFT community on Twitter<\/a>.<\/p>\n\n\n\n

The OCP tool is a follow-up to an analogous on-chain tool that OpenSea introduced in the first few days of November and that limited NFT sales to only marketplaces enforcing royalties.<\/p>\n\n\n\n

Before switching to optional royalties in September, Magic Eden developed a similar tool for enforcing royalties called MetaShield in collaboration with peer marketplace and aggregator Coral Cube.<\/p>\n","protected":false},"excerpt":{"rendered":"

Magic Eden, a Solana-based nonfungible token marketplace, has released a tool allowing creators to enforce royalties on their collections. It comes after competitor NFT marketplace OpenSea revealed a comparable feature at the beginning of November. The Open Creator Protocol is the name of the open-source tool for enforcing royalties, which is built on top of […]<\/p>\n","protected":false},"author":43,"featured_media":41675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[147,1636,275],"class_list":["post-41673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-news","tag-nft","tag-opensea","tag-solana"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/jpg_20221202_204829_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41673"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41675"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}