The Solana-based NFT marketplace Magic Eden has announced the Open Creator Protocol (OCP). OCP is an open-source tool that NFT creators on Solana can deploy to ensure that royalties are paid whenever their assets are traded on secondary marketplaces.

The tool has been built on top of Metaplex’s existing SPL token standard for NFTs on Solana.

A major feature of the Magic Eden OCP is the ability for creators to implement dynamic royalties, which could reduce the value of royalties for buyers who pay higher prices, as well as provide customizable token transferability, which could see, for example, NFTs limited to a number of trades or subject to a trade freeze for a set period of time.

(by Suzuki Shillsalot)