Why did Magic Eden make this decision?

Magic Eden’s position was always that royalties cannot be enforced unless done at the protocol level. Given that the vast majority of NFTs on Solana are governed by Metaplex’s token standard, it made perfect sense for us to adopt Metaplex’s new standard, which allows for existing collections to enforce royalties at the protocol level.

What is the impact for creators?

To date, creators of new Solana collections have had different options to protect royalties, including Open Creator Protocol. Metaplex’s update allows existing creators to protect royalties and ban marketplaces that do not enforce royalties. Based on our conversations, many creators are still digesting Metaplex’s proposal, which offers existing creators to upgrade via a community vote or an automatic upgrade with a 14-day notice. More details here.

As a cross-chain platform, our goal is to support creators in a variety of ways. Royalties are seen as the primary tool to reward creators for their work, but we intend to create many tools that live on Magic Eden to support creators on their journeys from audience engagement to retention before and post mint.

How does this impact the Open Creator Protocol?

Open Creator Protocol was one of the first open-source protocol level solutions to the royalties issue on Solana. It is a thin layer on which any developer can build to protect royalties for new collections. It’s also packed with features including dynamic royalties and customizable token transferability (by time, metadata name, or number of transfers).

Open Creator Protocol will remain in its current form, and we are proud to share that Cardinal Labs will be integrating their token manager tool into Open Creator Protocol to offer benefits such as staking to all projects that use OCP.

The great news is that OCP will integrate seamlessly with Metaplex’s standard update, meaning that new creators have the most optionality when they want to launch a project. They can launch directly with Metaplex’s standard or if they want additional features they can build on OCP, which will naturally migrate into Metaplex’s standard. To learn more about OCP migration, click here.

Is there a benefit for creators staying with OCP as opposed to the Metaplex standard?

We believe OCP has many rich features that creators may enjoy but do not see OCP and Metaplex’s standard as competitors. For starters, OCP cannot apply to existing collections. Second of all, new collections can build on OCP to enjoy the features of OCP while also being able to migrate OCP collections to the Metaplex standard.

What does the process look like?

Creators currently have a choice to upgrade to the new standard via a community vote or a timed-upgrade - 14 day notice period to holders. More details here.

How are collectors affected by the change?

On Magic Eden when users are browsing collections, they will see a specific royalty enforced badge on collection pages, as shown below. All users who buy from that collection will automatically need to pay for creator royalties.

When will the migration take place?

We are awaiting Metaplex’s announcement but they shared via Twitter that collections would be able to upgrade in the near future.

Magic Eden is multi-chain. What does this mean for ETH and Polygon collections?

As a creator-focused platform, we intend to support royalties across chains. Royalties are already turned on for our Polygon marketplace. On ETH, we are currently an aggregator and do not have proprietary listings, so our listings abide by the rules set by the platforms.

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