Magic Eden Launches Open Creator Protocol to Enforce Royalties

In response to recent royalty enforcement developments in the NFT market, Magic Eden, the premier cross-chain NFT platform, announced the Open Creator Protocol today. The Open Creator Protocol (OCP) is an open source tool built on the SPL managed-token standard by Solana. Creators who use the protocol to publish new collections will be able to secure their royalties and enjoy extra features such as dynamic royalties and customisable token transferability.

The Open Creator Protocol, which will have an influence on creators introducing new collections, will go live on December 2. Magic Eden will impose royalties on all collections that follow the protocol, and authors will be able to prohibit markets that have not imposed fees on their collection.

Royalties will remain optional on Magic Eden for new collections that do not use OCP. Simultaneously, Magic Eden will welcome the inclusion of any future royalty enforcement procedures that arise and win market acceptance.

Aside from royalty enforcement, the Open Creator Protocol incorporates dynamic royalties and adjustable token transferability.

When Magic Eden launches, it will house “Magic Mint,” a free mint for users to test the Open Creator Protocol and its various capabilities, such as protected royalties, dynamic royalties, and customizable transferability. The mint will provide a few thousand gift boxes, some of which will include prizes such as a free MacBook Air laptop, whitelist access to Tomorrowland’s December mint (The Symbol of Love and Unity), access to Genopet’s game, and free NFTs from Degen Trash Panda and Liberty Square. The Open Creator Protocol will be used to impose royalties on the collection.

Jack Lu, CEO and Co-Founder of Magic Eden, commented:

“The Solana community has been waiting for solutions to NFT royalties. We have been in active conversations with multiple ecosystem partners to identify solutions for creators in a timely manner. Our intention with Open Creator Protocol is to immediately support royalties for creators launching new collections, while continuing to coordinate with ecosystem partners for more solutions.”