Non-fungible token (NFT) marketplace Magic Eden 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.
The Open Creator Protocol (OCP) is an open-source tool built on top of Solana's 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.
For creators that don't adopt OCP for their NFTs, royalties will remain optional on the platform.
(by Rosie Perper)