There is another development in the NFT royalty wars. Magic EdenThe company that made the controversial decision to make them optional on the platform has released a new royalty enforcement tool.
Details about the device
This tool is called Open Creator Protocol (OCP). And it is especially for Solana-specific properties. When Solana NFT creators use OCP, they can ensure that they are paid royalties when their products are sold on the secondary market.
This is coming in a few weeks. OpenSea It launched its own tool that allows users to block marketplaces that don’t enforce royalty payments. And while Magic Eden isn’t overriding alternative royalty policies per se, this tool empowers creators to make their own decisions.
Creators have the option to adopt the Open Creator Protocol, which allows them to protect royalties and create their own rules for trading their collections. This will only be available to creators who open new collections, but we have a feeling many will opt into the protocol. – Magic Eden CEO Jack Lu
This shows the direction the industry is going with the OpenSea tool: those who choose to pay royalties should be forced to, even at the smart contract level.
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Tokoni Uti has written extensively on blockchain and cryptocurrency over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.