Magic Eden Launches Royalty Protection Tool Open Creator Protocol

NFT marketplace Magic Eden announced the launch of Open Creator Protocol, an open-source and free royalty protection tool that helps NFT collections enforce royalties.

With Open Creator Protocol, creators will be able to manage marketplaces. It allows creators to ban marketplaces that have not protected royalties on their collection. For new collections that do not adopt the tool, royalties will remain optional. Besides, Open Creator Protocol enables dynamic royalties, allowing creators to specify a relationship between an NFT's sale price and royalty amount via a linear price curve.

For existing collections, creators can choose to burn their collections and re-mint on Open Creator Protocol to enforce royalties.