Magic Eden launches Solana NFT tool "OCP", which can enforce creator royalties

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2022-12-02 06:00

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This is an open-source tool that new series creators can use to secure royalties when their assets are traded on the secondary market.

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This is an open-source tool that new series creators can use to secure royalties when their assets are traded on the secondary market.

Summary:

Odaily translator | Nian Yin Si Tang

Summary:

- Magic Eden introduced the Open Creator Protocol, which enables the enforcement of creator royalties on Solana NFTs using the tool.

- This October, the Solana NFT marketplace made creator royalties an option for buyers to choose to pay, and this remains the case for existing collections.

Creator royalties are under threat in the NFT space, especially for Solana-based NFTs, as virtually all markets with a significant share in the ecosystem haveStop Asking Traders to Pay Fees. But now Magic Eden, the main NFT marketplace for the Solana ecosystem, has begun creating a more permanent system for enforcing creator royalties.

The $1.6 billion startup today announced the Open Creator Protocol (OCP), an open-source tool that creators of new Solana NFT projects can use to secure their assets when traded on secondary markets. Get royalties. This tool builds on Metaplex’s existing SPL token standard for NFTs on Solana.

Creator royalties are fees typically paid by sellers in NFT transactions. They are usually set between 5% and 10% of the sale price, and the funds go into a digital wallet controlled by the creator of the NFT project. These fees can be a lucrative revenue stream for NFT projects that generate significant secondary volume.

Magic Eden's OCP seems methodologicallyRecently launched Ethereum Toolkit with OpenSeaSimilarly, allow NFT creators to block marketplaces that do not collect royalties for eligible assets. In other words, if a marketplace refuses to enforce royalties on OCP-enabled NFTs, that platform will be placed on the OCP block list and those NFTs will not be able to trade through the platform.

"Creators can choose to adopt the Open Creator Protocol, which will allow them to use the protocol to protect their royalties and create transaction rules for their own NFT series," Magic Eden CEO Jack Lu told Decrypt. creators of the series, but we think many will choose to use the protocol."

Magic Eden itself will maintain a list of blocked platforms, but creators can also choose to customize the list of blocked platforms, Lu said. He added that the open-source tool — which will be available to creators on Friday — can be supported by any Solana NFT marketplace that wishes to pay royalties to the OCP project.

Magic Eden enforces creator-set royalties by mid-October, when a slew of competitors to the Solana NFT marketplacestart denying royalties, or make royalties optional, which results in more money being kept by the seller. Facing shrinking market share in the Solana NFT space, Magic EdenOption to give buyers the option to pay royalties, like tipping a creator.

Ethereum NFT platforms are starting to follow suit, with OpenSea, the largest NFT marketplace, saying in early November that it isConsider similar initiatives. However, following creator backlash, OpenSea said it would continue to pay royalties on existing series as well as new projects using its Ethereum listing tool. Competitor X2Y2 alsotook the same approach。

Magic Eden's new tool is only available to creators who adopt it in newly launched projects, but the marketplace doesn't change the optional royalty scheme for existing projects. The company previously pledged $1 million for the development of a royalty enforcement tool, and Lu told Decrypt that creators can choose to remint using OCP.

"It's certainly not mandatory - it's just an option, and in the spirit of problem solving," Lu explained, "While it may seem scary to some creators, some aren't, and we look forward to Work with them."

Magic Eden built the OCP tools independently of Metaplex, Metaplexis developing its own new royalty-enforcing Solana NFT asset class. The team has been in contact with Metaplex and shared the tool ahead of today's announcement, Lu said, noting that Metaplex's new standard won't be released until the first quarter of 2023.

“We don’t see any conflict between our agreement and what Metaplex plans to launch. We want creators to have as many options as possible,” Lu explained, noting that both will support migrating existing series. “Our goal is for the ecosystem to solidify a standard that any project can build on without reservations.”

Magic Eden said the OCP toolkit also provides creators with additional functionality. One is a dynamic royalty option that uses a linear price curve to reduce the total fees paid by buyers of high-priced NFTs, potentially making paying royalties seem less daunting for high-priced purchases.

Another feature is to allow creators to customize certain transferability details, such as whether an NFT can be resold before the initial minting ends, and based on the NFT metadata (or details specifying the unique properties of the asset) or transactions in a series to date The limit of total NFTs. Magic Eden believes such an option could open up opportunities for “gamification” for NFT creators.