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Magic Eden, the most popular Solana marketplace, has recently taken action toward establishing a more stable method to enforce creator royalties. The startup with a valuation of $1.6 billion has just introduced the Open Creator Protocol (OCP). An open-source tool will help guarantee that developers of new Solana NFT projects would get royalties anytime their assets are transferred on secondary markets. It expands upon the Metaplex SPL token norm for Solana-based NFTs.The creator royalties on an NFT transaction are fees paid by the seller which are normally between 5 and 10 percent of the selling price. And the money goes into a cryptocurrency wallet managed by the NFT project’s developers. If an NFT project generates a lot of secondary trading activity, these fees might be a valuable source of income. Magic Eden’s OCP is similar to OpenSea’s latest Ethereum toolset. It intends to enable NFT developers to blacklist markets that do not pay royalties on approved assets. So, if a trading platform does not comply with OCP’s need to impose royalties for OCP-enabled NFTs, then that platform will be added to the OCP’s blocklist and the NFTs will not be tradable on it. Magic Eden’s CEO Jack Lu has said that although the company would keep a record of restricted markets, producers have the option to make further adjustments if they so desire. Lastly,any Solana NFT marketplace that wants to respect royalties on OCP projects may back the open-source tool when it becomes accessible to users very soon!.Let’s also get to know more about Magic Eden!Magic Eden is one of the most popular NFT marketplace on the Solana blockchain. It was launched on September 12 of 2021 and was created as a marketplace competitor for NFT collections on SOL. It is known for three things: the simplicity of its tools, its focus on community, and the diversity of tokens that can be created and collected on the platform.In June 2022, Magic Eden raised $130M at a valuation of $1.6 billion. Magic Eden is a very user-friendly platform on the market. It has quick processing times, solid security, and a host of great features that make buying and selling easy. For example, Magic Eden works hand-in-hand with creators on its Launchpad to help them create, mint, market, and successfully launch projects.The next most important aspect of Magic Eden is its community. The founders of Magic Eden opted to create a user experience with the unique needs and desires of creators and collectors that make up the NFT ecosystem. The community leaders deliver connections via social programs and rewards. Finally, the diversity of projects on Magic Eden gives space for competition. Mainly, this comes down to the variety of NFTs and experiences available on the platform and the ability to collect items cross-chain on Ethereum and Solana. Also, while the platform was built on Solana, in August 2022, Magic Eden announced that it planned to add and integrate Ethereum NFTs. While we’ve seen other marketplaces like OpenSea add support for a range of NFT blockchains, Magic Eden could be one of the first to implement a cross-currency trading product to allow users to browse and purchase both Solana and Ethereum NFTs using SOL, ETH, or credit cards.Whereas WeBuy is a peer-to-peer lending and renting NFT platform. WeBuy provides an NFT marketplace that is not for NFT sale. We named this feature the ‘WeRent Platform’ for NFT collectors or enthusiasts who want to have a temporary NFT. Here at WeBuy, we can lend and rent NFTs easily!Follow us onWebsite | <a href="https://webuynft.xyz/" rel="noopener noreferrer nofollow">https://webuynft.xyz/</a>Telegram | <a href="https://t.me/webuy_ann" rel="noopener noreferrer nofollow">https://t.me/webuy_ann</a>Twitter | <a href="https://twitter.com/WebuyOfficial" rel="noopener noreferrer nofollow">https://twitter.com/WebuyOfficial</a>Medium | <a href="https://medium.com/&#64;webuynft" rel="noopener noreferrer nofollow">https://medium.com/&#64;webuynft</a>

Magic Eden to release a tool allowing creators to enforce royalties on their collections!

WeRent

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