Magic Eden Launches Open Creator Protocol to Enforce Royalties for New Solana NFT Collections
Today, Magic Eden ("The Company"), the leading cross-chain NFT platform, launched the Open Creator Protocol in response to recent royalty enforcement changes in the NFT landscape. The Open Creator Protocol (OCP) is an open source tool built on top of Solana's SPL managed-token standard. Creators launching new collections who opt in to using the protocol will be able to protect their royalties and enjoy additional features including dynamic royalties and customizable token transferability.
"The Solana community has been waiting for solutions to NFT royalties," Jack Lu, CEO and Co-Founder of Magic Eden commented. "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 will impact creators launching new collections, will be available starting December 2. Magic Eden will enforce royalties on all collections who adopt the protocol and allow creators to ban marketplaces that have not enforced royalties on their collection. For new collections that don't adopt OCP, royalties will remain optional on Magic Eden. At the same time, Magic Eden will also welcome the inclusion of other future royalty enforcement protocols that emerge and gain market adoption.
Open Creator Protocol includes additional features beyond royalty enforcement, including dynamic royalties and customizable token transferability. The dynamic royalties feature will specify a relationship between an NFT's sale price and royalty amount via a linear price curve, potentially reducing the nominal value of royalties for buyers who pay a higher price for the NFT. Customizable transferability can include many use cases, such as the collection's tokens remaining untradable before mint closes, or limitations on tradability by time, total number of trades, or metadata text. This can create fun ways for creators to gamify the rules of their own collection's trading behavior. Magic Eden is also unveiling bulk transfers on the platform so collectors can move their NFTs freely for collections using the Open Creator Protocol.
Upon launch, Magic Eden will be hosting "Magic Mint", a free mint for users to pilot the Open Creator Protocol and its many features, including protected royalties, dynamic royalties, and customized transferability. The mint will supply a couple thousand gift boxes, some of which will contain prizes including a free MacBook Air laptop, whitelist access to the Tomorrowland's December mint (The Symbol of Love and Unity), access to Genopet's game, and free NFTs from Degen Trash Panda and Liberty Square. The collection will have enforced royalties per the Open Creator Protocol.