Magic Eden, a Solana-based nonfungible token (NFT) marketplace, has become the latest platform to release a tool allowing creators to enforce royalties on their collections.
Lu previously floated the idea of NFTs designed to enforce royalties at Solana’s Breakpoint 2022 conference on Nov. 5, citing the need for NFT creators to have a “sustained revenue model.”
Magic Eden will still maintain optional royalties on its platform for collections that do not adopt OCP.
When we went to optional royalties mid Oct, we said we hoped to soon return to a royalty respecting world.
However, royalties needed protection at the protocol level to be truly defensible. —
The OCP tool follows a similar on-chain tool launched in early November by OpenSea that restricted NFT sales to only marketplaces enforcing royalties.
Source: Cointelegraph