Magic Eden has announced a new tool that will help creators who adopt it for newly launched projects. The OCP toolkit enables additional functionality for creators, Magic Eden said. One feature is a dynamic royalty option that uses a linear price curve to cut down the total fee paid by buyers for higher-priced NFTs, potentially making royalties appear less daunting for pricey purchases. Another feature lets creators customize certain transferability details, such as whether NFTs can be resold before the initial mint ends, as well as limits based on NFT metadata—or the details that specify an asset’s unique attributes—or total NFTs traded in a collection to date. Magic Eden suggests that such options can unlock “gamification” opportunities for NFT creators.
The OCP is built on top of Metaplex’s existing SPL token standard for NFTs on Solana and appears to be similar in approach to OpenSea’s recent Ethereum toolkit. It allows NFT creators to block marketplaces that won’t honor royalty fees on eligible assets by putting those platform on the OCP blocklist. According to Jack Lu, CEO of Magic Eden, the company will be releasing an open-source tool called the Open Creator Protocol on Friday, which will allow creators to protect their royalties and set their own rules for trading their collections.
Lu added that any Solana NFT marketplace that wishes to honor royalties on OCP projects can support the protocol. Previously, Magic Eden enforced creator-set royalties, but made the switch to optional royalties in October in order to stay competitive in the Solana NFT market. With the release of the Open Creator Protocol, creators will once again have the ability to enforce royalties if they choose. Lu told Decrypt that creators may choose to re-mint projects using OCP if they wish. Magic Eden built the OCP tool independently of Metaplex, which is developing its own new royalties-enforcing Solana NFT asset class.
