Magic Eden has launched a new tool for NFT creators, an open-source tool, called Open Creator Protocol (OCP), which allows NFT creators to enforce royalty on their NFT collections.
Magic Eden built the tool using the standard of Solana’s SPL token and the enforcement will apply to new NFT creators who choose the feature beginning from December 2nd.
Interestingly, NFT creators who adopt the OCP tool can restore the sales of their NFTs on marketplaces practicing optional NFTs. However, Magic Eden noted that this new tool does not wipe out its present optional royalty model.
NFT creators can still choose this option when launching their NFTs on Magic Eden. Additionally, creators who want to apply the OCP tool on existing NFT collections must “burn [and] re-mint” them.
The OCP tool has other functions for creators to regulate their earnings, including allowing them to use a function called dynamic royalties, an option that reduces the amount buyers pay as royalties when they pay higher prices.
There is also another option called customizable token transferability which can limit the number of times an NFT can be traded or place a trade freeze for a given time.