SNEAK PEEK
- Solana Marketplace Magic Eden has also hinted to its users via Twitter on 1st December 2022 that it is introducing a new OCP feature.
- OCP is the Open Creator Protocol, a system to enforce creator royalties. It is built on top of Solana’s SPL managed-token standards.
- OCP mainly supports the royalty system for creators and vouches that Solana will continue to find better solutions related to royalties with their ecosystem partners.
Magic Eden is a popular digital asset platform marketplace of Solana. Amongst the other platforms, Magic Eden was the first platform to implement optional creator royalties fees. Moreover, shortly after deciding to make optional royalty changes, the platform introduced the hackathon initiative to revert to the backlash the artists and the creators of the metaverse gave.
🆕 – We added in a $20K bonus bonus for submissions that utilizes @coralcubenft API, totaling $270K in prizes. To provide more options for builders, we are also added in @HeliusLabs royalty tracking API as an alternative option for this bounty!https://t.co/WapzE68929
— Magic Eden 🪄 (@MagicEden) November 23, 2022
But, looking at how platforms like Open Sea weigh against the optional royalty feature, the Solana Marketplace Magic Eden has also hinted to its users via Twitter on 1st December 2022 that it is introducing a new OCP feature. OCP is the Open Creator Protocol, a system to enforce creator royalties.
Bringing back royalties??
— S🟠L PRINCESS 👑 🇦🇲 (@SolanaPrincess) November 30, 2022
It is built on top of Solana’s SPL managed-token standards. It will enable artists to launch new collections and opt-in their choice to protect royalties. Further, they are also introducing additional features such as Dynamic Royalties and customizable token transferability.
The CEO and Co-founder of Magic Eden, Jack Lu, also explained to the users that Solana has been waiting to come out with solutions for NFT royalties. He also added that OCP mainly supports the royalty system for creators. At the same time, it vouches that they continue to find better solutions related to royalties with their ecosystem partners.
