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Given that it's not a commercial product anyway at this point, the plan is to open source the project in its entirety.

If it catches on, and there seems to be a demand for a managed version of it, then I (or someone else) can pick it up again under a different name.

Big companies such as Auth0 are no shy about using "magic link" and don't care. It's an industry term, and not all registered trademarks are legit and unconditional, and all those trolls want is to lose "their" trademark, obviously!

I'd do the same OP is. Lawyers are expensive.

Why not just change it to "login link" or some alternative branding instead?