The Metaplex Foundation has launched a new asset class on Solana, MIP-1. This new class is called 'Programmable NFTs' and will coexist with regular NFTs. MIP-1 creates a rule set which gives creators the option to enforce royalties and allow or block dApps from interacting with their collection. MIP-2 will bring more features in the future.
Why does this matter? MIP-1 enables existing and eligible collections launched on Metaplex’s NFT standard to now enforce their royalties.
Magic Eden will be one of the first platforms to support Metaplex MIP and royalty enforcement for existing creators.
I'm a Collector, what does this mean to me?
Collections with the Crown badge have royalty protection enabled and you'll pay the creator royalties when you buy these NFTs. You will see the royalty percentage in your cart when purchasing the NFT. Also, certain dApps may be restricted from interacting with your NFTs.
I am having issues with my Ledger and MIP-1 NFTs. Can you help me?
Please note that certain actions with MIP-1 NFTs are not compatible with Ledger yet. If an ME user has a ledger connected, they will not be able to take the following actions with an MIP-1 NFT:
Buying a MIP-1 NFT
Accepting an offer on a MIP-1 NFT
They will still be able to:
De-List a MIP-1 NFT
List a MIP-1 NFT
Transfer a MIP-1 NFT
I'm a Creator, how do I enforce royalties for my existing collection?
If your collection used Metaplex, please visit their site on how to upgrade to MIP for royalty enforcement. If your collection used OCP, your royalties are enforced. OCP collections can be migrated to MIP-1, and we can help you update only if you are a collection who used OCP.
I’ve upgraded my collection to MIP but royalties are still not enforceable on Magic Eden. Why is that?
Creators need to submit their collections on royalties.metaplex.com and wait 14-days to complete the upgrade. This gives them 14-days to notify their holders. The final authorization can only happen after the 14-days have elapsed and once the creator has gone back to Metaplex's royalty site to confirm the upgrade. Please double check that you have completed all the steps with Metaplex in order for royalties to be enforced on Magic Eden.
I’ve completed all the steps to upgrade my collection to MIP but I don’t have the royalties badging on my collection page. How can I fix this?
Let us know using our support chat or DM us on Twitter and we'll get it sorted out ASAP.