Enforced Royalties
OpenSea used Operator Filter to enforce royalties for NFT creators. This mechanism ensured that creators received their designated royalties whenever their NFTs were resold on the secondary market. However, with OpenSea's decision to make creator fees optional and disable the Operator Filter, this enforcement mechanism has become no longer effective.
Magic Eden's Solution
In response to such challenges, Magic Eden has developed its own method to ensure the enforcement of NFT royalties. Their approach focuses on two main aspects:
Royalty Enforcement Registry: Magic Eden maintains a registry that lists NFT collections along with their respective royalty policies. This registry is used to track and enforce the payment of royalties as specified by the creators of the NFTs.
Marketplace Restriction: NFTs from collections registered with Magic Eden’s royalty enforcement mechanism can only be traded on platforms that respect and enforce these creator fees. This means if a particular marketplace does not adhere to the royalty standards set by the creators, the trading of these NFTs can be restricted or blocked on that platform.
For previous collections that were deployed on Ethereum and Polygon chain with Opensea Open Filter Registry, the royalty enforcement can be transferred to Magic Eden. This transition enables these collections to continue benefiting from enforced royalty payments, despite the change in OpenSea’s policy.
Navigate to the Contract Management tab.
Click on the Payout tab.
The option to “Enforce Royalties” should be available at the bottom.
Magic Eden supports multiple blockchain networks, including Bitcoin (specifically for Bitcoin Ordinals), Ethereum, Solana, and Polygon.
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