The NFT creator royalties’ debate continues this month after stirring heated discussions within the crypto community in the past few months. Magic Eden has reconsidered its initial stance and launched a new NFT tool to enforce royalties on Solana NFTs.
Magic Eden Launches New NFT Tool
On December 1, Magic Eden, the most popular marketplace for Solana NFTs, announced plans to launch the new Open Creator Protocol, which the marketplace says will enforce creators’ royalties on Solana NFTs.
The NFT feature appeared barely one month after Magic Eden made creators’ royalties optional for NFT buyers. While commenting about the NFT tool, in a short statement, Jack Lu, the CEO of Magic Eden, remarked:
“Creators have the option to adopt the Open Creator Protocol, which will allow them to use the protocol to protect their royalties and create their own rules for their collection’s trading. This tool will only be available to creators launching new collections, but many will opt into the protocol.”
Are NFT Creators Royalties Vital?
The NFT creator royalties are fees paid by the seller on NFT trades. In many digital assets marketplaces, the royalties range from 5% to 10% of the sale price, with the collected funds moving to a digital wallet controlled by the creators of the NFT projects.
In the past few months, the NFT creator royalties have suffered flesh threats in the NFT space, with even some marketplaces holding significant shares, making them optional or entirely stopping requiring traders to pay these fees.
The creator royalties are vital and are the source of revenue for many NFT projects that generate significant secondary trading volume. Magic Eden has made a brave move, launching a new NFT tool that will ensure royalties are paid whenever assets are traded on secondary markets.
In the meantime, the new open-source NFT tool will be available for creators to use starting on December 2 on any Solana NFT marketplace. Rival marketplaces such as X2Y2 and OpenSea recently launched a similar feature to enforce royalties.
- Magic Eden Launches MetaShield To Protect Creators’ Royalties
- OpenSea Launches Tool Enabling NFT Creators To Set Royalties
- Immutable X Extends Enforceable Royalties To The Web3 Ecosystem
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