NFT marketplace Magic Eden has updated its position on creator royalties, announcing that it is launching a protocol that will enforce royalties on all new collections that opt-in to using the tool. RosiePerper reports:
has updated its position on creator royalties, saying Thursday that it is launching a protocol that will enforce royalties on all new collections that opt-in to using the tool.SPL managed-token standard
and will give creators launching new collections the choice of whether they want to have royalties protected. Beginning Dec. 2, Magic Eden will enforce royalties on all collections that adopt the standard and will give creators the option of banning marketplaces that don't enforce royalties."The Solana community has been waiting for solutions to NFT royalties,” Jack Lu, CEO and co-founder of Magic Eden, said in a press release.
In addition, the new protocol also offers dynamic royalties, a feature that outlines a relationship between an NFT's sale price and royalty amount based on a linear price curve, along with customizable token transferability, which allows creators to gamify the rules of their collection's trading behavior.
Upon launch, the platform will be hosting a free"Magic Mint" for users to test out the Open Creator Protocol and its features.
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