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Magic Eden follows OpenSea with NFT royalty enforcement tool

Magical Eden Based in Solana Non-Fungible Token (NFT) Marketplace has become the latest platform to release tools that allow creators to apply royalties to their collections.

This follows the announcement of a similar tool by rival NFT marketplace OpenSea in early November.

according to This open source royalty enforcement tool is built on top of Solana’s SPL token standard and is called the Open Creator Protocol (OCP), according to a Dec. 1 statement. This will allow enforcement of new collection royalties opting into the standard from December 2nd.

Lou used to NFTs designed to enforce royalties At Solana’s Breakpoint 2022 conference on November 5, he said NFT creators need to have a “sustainable revenue model.”

Creators using the OCP can also ban marketplaces that don’t charge royalties on their collections. Magic Eden will continue to maintain optional royalties on the platform for collections that do not employ OCP.

In a Twitter thread on December 1st, Magic Eden said, “OCP cannot be retroactively applied to existing collections,” and told creators that they would need to “burn.” [and] “re-mints” where NFT is remitted Unrecoverable wallet address Republished by collection.

“We have actively engaged in discussions with multiple ecosystem partners to identify solutions for creators in a timely manner,” Lu said in a statement. He added that the market’s intention for OCP is to “immediately support loyalty” of the new collection and work with other partners to provide more solutions.

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An additional feature of the protocol touted by Magic Eden is the ability for creators to introduce dynamic loyalty. This can reduce the loyalty value of buyers who pay higher prices. You may be subject to a trading freeze for a period of time.

magic eden Optional Loyalty Model In October, buyers were able to set the royalty they wanted to contribute to the project, which caused a split in the NFT community on Twitter.

The OCP tool is Similar on-chain tools It was launched in early November by OpenSea, which limits NFT sales to only marketplaces that enforce royalties.

Created by Magical Eden Similar Loyalty Enforcement ToolsMetaShield partnered with peer marketplace and aggregator Coral Cube in September before moving to optional royalties.