Main insights:
- Effective immediately, new collections can launch with our open-source Open Creator Protocol to protect royalties
- The tool is entirely open source and built to serve creators. It is a free option for the community to try.
- Magic Eden will protect royalties on all collections who adopt the protocol. The protocol allows creators to ban marketplaces that have not protected royalties on their collection
- Additional open Creator Protocol features include freeze authority, dynamic royalties and customizable token transferability
- Existing collections will have the option to burn and re-mint their existing collections on the Open Creator Protocol
In mid-October, we made the decision to go to optional royalties on our marketplace. As a deeply creator centric platform that has launched over 400 projects with founders, we have been working hard on solutions. In the last month, we launched a royalty-protected collection with Brave and Adam Ape, courtesy of Cardinal’s royalty protection solution. We also aggregated Coral Cube’s AMM, which has delivered over 500 SOL back to creators in one week. We also are running a Creator Monetization Hackathon to support Solana developers creating solutions for royalty protection, alternative creator monetization, and tools built on our royalty API.
Today, we’re excited to launch royalty protection on Magic Eden with Open Creator Protocol, which will protect royalties for new collections effective immediately. We understand the ecosystem has been waiting for a solution and are excited to share our feature-packed standard that prioritizes principles of flexibility and customization for the creator.
We look forward to being the best platform partner whereby creators can launch their collections, grow their communities, and monetize over the lifecycle of their collections.
How to get started with Open Creator Protocol:
- All new creators need to do is to mint their collection into the Open Creator Protocol and go here to get started.
- If you are interested in applying to Launchpad and using Open Creator Protocol, please fill out an inquiry form. Of course, collections do not need to launch on Launchpad in order to use Open Creator Protocol.
Core Features of Open Creator Protocol:
Open source: This is a tool built on top of Solana’s SPL managed-token standard. Creators will be in control of creating and managing the rules of their collection.
Dynamic royalties - Creators can specify a relationship between an NFT’s sale price and royalty amount via a linear price curve. For example, creators can reduce the nominal value of royalties for buyers who pay a higher price for the NFT.
Freeze trading until mint is done - Creators can use Open Creator Protocol to limit trading until after mint is complete (only time based)
Create rules for NFT transfers - Creators can gamify transferability for collections, including completely non-transferable tokens (or restrictions based on time, # of transfers, or metadata name)
Burn & re-mint option for existing collections: If existing collections want to, they can burn their existing collections and re-mint on Open Creator Protocol to enjoy all the features shared above.
Enjoy bulk transfers directly on Magic Eden: Magic Eden is also unveiling bulk transfers on the platform so collectors can move their NFTs freely for collections using the Open Creator Protocol. These bulk transfers will be subject to the token transferability rules the creator sets.
Looking forward
We created this Open Creator Protocol because we wanted to provide tools to creators as soon as possible. We look forward to a world where there are different standards and creators can choose what works best for them. We intend to support Metaplex’s MIP-1 when it goes live in Q1 2023. MIP-1 will offer a migration path towards royalty protection for existing collections. We also remain open-minded to adopting other standards that receive market adoption and look forward to community feedback.