- Magic Eden has launched a new tool to enforce compulsory NFT royalties
- The feature resembles OpenSea’s recent on-chain tool with similar functionalities
- The move comes a few weeks after Magic Eden declared its decision to support optional creator fees
NFT marketplace Magic Eden has launched a new tool meant to enforce compulsory NFT royalties two months after revealing support for optional creator fees. Called the Open Creator Protocol (OCP), the Solana-based tool allows artists to set the amount of kickback they need each time their creations change hands. The launch comes a few weeks after OpenSea released an Ethereum-powered on-chain tool to enforce NFT creator tips for new collections.
Optional Royalties Still Available
Apart from giving creators an option to demand a fee from NFT sales, the tool also gives them the option to block their creations from being sold on anti-royalties marketplaces. When an artist fails to activate the tool when listing new collectibles, Magic Eden reverts to optional royalties for that collection.
Magic Eden’s CEO Jack Lu said that the feature comes after extensive discussions with various “ecosystem partners” on ways to support NFT artists, adding that the tool is just the start of more solutions targeting creators. According to the NFT marketplace, the tool will come with a “Magic Mint” to allow users to try out its features using free mints wrapped in gift boxes, “some of which will contain prizes.”
Dynamic Fees and Customizable Transferability
Other features offered by the tool include dynamic creator fees and customizable transferability. The dynamic tip feature allows an artist to dictate the amount of royalties based on an NFT’s linear price trajectory.
Customizable transferability, on the other hand, unlocks the ability for artists to add more rules when their creations are changing hands. The rules may include defining the maximum number of trades or activating time-based trading.
The launch comes roughly three weeks after OpenSea rowed back on royalties after community backlash. With Magic Eden following in OpenSea and X2Y2’s footsteps, it’s evident NFT marketplaces are ready to protect creator royalties.
