MagicEden launches NFT tool to enforce creator royalties
the Open Creator Protocol . OCP is an open-source tool that NFT creators on Solana can deploy to ensure that royalties are paid whenever their assets are traded on secondary marketplaces.
Magic Eden’s OCP allows NFT creators to block marketplaces that refuse to honor royalty fees on eligible assets. If a marketplace refuses to enforce royalties for OCP-enabled NFTs, it will be added to the OCP blacklist and those NFTs will no longer be able to trade through it.The concept of creator royalties in the NFT space is under attack now. All the NFT marketplaces on Solana with any significant share have stopped requiring traders to pay the fees.
Magic Eden will keep a list of blocked marketplaces; creators can also customize the list of blocked platforms. Any Solana NFT marketplace that wishes to pay off royalties on OCP projects can support the OCP. Magic Eden, on the other hand, will continue to offer optional royalties on its platform for collections that do not use OCP.that it would be moving to an optional royalties model.
The largest NFT marketplace, OpenSea, was also contemplating moving to the optional royalties model but decided against it following a creator backlash on Twitter.Subscribe to get it daily in your inbox.
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