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Magic Eden, a non-fungible token (NFT) exchange, has revised its stance on creator royalties. On Thursday, it announced the creation of a protocol that would impose fees on any new collections that choose to use the tool. https://twitter.com/MagicEden/status/1598400031999918080
Magic Eden to Start Enforcing Royalties
Creators publishing new collections will have the option of having their royalties safeguarded due to the Open Creator Protocol (OCP), an open-source solution built on Solana's SPL managed-token standard. Magic Eden will start enforcing payments on all collections that adhere to the standard on December 2 and will provide authors the alternative of banning markets that don't impose royalties. According to a press statement from Magic Eden's CEO and co-founder Jack Lu, the Solana ecosystem has been looking for answers to NFT royalties. The statement further claimed that with the Open Creator Protocol, the company aims to provide payments for creators introducing new collections currently while working with ecosystem partners to find more alternatives.
Services Provide by Protocol
The new protocol also provides adjustable token transferability, which enables creators to gamify the laws of their collection's trading behavior. The network will offer a free "Magic Mint" at the opening so that customers may try out the Open Creator Protocol and its capabilities. The switch to an optional royalty arrangement, announced by the leading Solana NFT marketplace a month prior, had severe consequences for the ecosystem, according to a Twitter thread. Traders that want to sell quickly and profit are favored by variable royalties.