Magic Eden reveals New Protocol to impose Creator Royalties

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Magic Eden reveals New Protocol to impose Creator Royalties

Solana’s largest marketplace, Magic Eden, unveils Open Creator Protocol built on Solana’s SPL managed-token standard that enables creators to protect royalties.

The Open Creator Protocol may be used by the creators of New Solana NFT projects in order to guarantee that royalties are received if any of their assets are sold on secondary markets.

In October, Magic Eden decided to implement optional royalties in the hopes of establishing new criteria that would better safeguard creative royalties. The solution to this problem is Open Creator Protocol, and Magic Eden will safeguard royalties on any collections that make use of the new standard going forward.

Royalties on new NFT collections on Magic Eden that do not adhere to the new standard will continue to be optional as a result of the protocol, which also enables artists to ban marketplaces that have not safeguarded royalties on their collections. This is the case even though the new standard requires that royalties be paid on new NFT collections.

Creators have the ability to describe the link between the selling price of an NFT and the royalty payment by using a linear pricing curve. For instance, they might decrease the nominal value of royalties for consumers who pay a higher price for the NFT. This would apply to purchasers who have already purchased the NFT.

 

Trading may be halted until the minting process is complete by the creators using another feature of the Open Creator Protocol. In addition, producers have the opportunity to increase the user transferability of collections by using tokens that are incapable of being transferred in any way, as well as limits based on time, the number of transfers, or the metadata name.

If they so want, existing collections have the option of destroying their coins and minting new ones via the Open Creator Protocol. The NFT marketplace is enabling bulk transfers on the platform in order to make it possible for collectors to move their NFTs without facing any restrictions when moving NFTs that are part of collections that use the Open Creator Protocol.

This decision by Magic Eden comes after OpenSea, in response to criticism from the community, resolved to continue charging royalty fees for NFT transactions. After marketplaces such as Magic Eden adopted optional royalties and DeGods NFT announced that the collection would be giving 0% royalties going forward, OpenSea had previously claimed that it was reviewing its intentions to impose creator royalty payments and that it would be reevaluating those plans.

Compiled by Coinbold

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