Solana’s largest NFT marketplace, Magic Eden, unveils Open Creator Protocol built on Solana’s SPL managed-token standard that enables creators to protect royalties.
New Solana NFT project developers can use the Open Creator Protocol to ensure that royalties are paid anytime their assets are sold on secondary marketplaces.
In October, Magic Eden adopted optional royalties hoping to set new standards that protect creator royalties. Open Creator Protocol is the answer to this and royalties on all collections that use the new standard will be protected by Magic Eden.Â
Royalties on new NFT collections on Magic Eden that do not adhere to the new standard will continue to be optional because of the protocol, which also enables artists to ban marketplaces that have not safeguarded royalties on their collections.
A linear price curve allows creators to define the relationship between an NFT’s sale price and royalty payout. For instance, they could lower the nominal value of royalties for purchasers who pay a greater price for the NFT.
The creators can also use the Open Creator Protocol to freeze trading until the mint is done. Additionally, creators can enhance user transferability for collections by using tokens that are entirely non-transferable, or restrictions based on time, number of transfers, or metadata name.
Existing collections may choose to burn them and re-mint on the Open Creator Protocol if they desire. In order to allow collectors to relocate their NFTs without restriction for collections using the Open Creator Protocol, the NFT marketplace is also introducing bulk transfers on the platform.Â
This move by Magic Eden comes after OpenSea decided to maintain NFT royalty fees after backlash from the community. Previously, OpenSea stated it was reconsidering its plans to enforce creator royalty fees after marketplaces like Magic Eden adopted optional royalties, and DeGods NFT announced that the collection is offering 0% royalties moving forward.
