The leading NFT marketplace OpenSea introduced a new “on-chain” tool to help NFT creators enforce royalties. After being relatively silent in the NFT royalties debate, OpenSea is finally bringing a tool for on-chain enforcement of creator fees for new collections.
The company said, “It’s clear that many creators want the ability to enforce fees on-chain and OpenSea believe that choice should be theirs-not a marketplace’s-to make.”
The company further wrote, “we’re building tools we hope will balance the scales by putting more power in creators’ hands to control their business model.” Moreover, OpenSea will also launch additional tools for on-chain enforcement of new collections and solicit community feedback on the developments.
OpenSea will enforce creator fees only for new collections that use an on-chain enforcement tool, starting at 12 pm ET on Tuesday, November 8. Also, it would wait to roll out any changes for existing collections wanting options to enforce creator payments until at least December 8.
Currently, the company is trying out a range of approaches. These may include allowing optional creator fees, collaborating on other on-chain enforcement options for creators, and enforcing off-chain fees for some subsets of collections.
OpenSea CEO Devin Finzer stated that the smart contracts of some existing collections may already allow OpenSea’s upgrade, which will enforce royalties on-chain, while other contracts will be a bigger challenge to change.
Other NFT marketplaces have been implementing their own strategies to enforce royalties over the last few months. Among them is the Magic Eden NFT marketplace that recently has adopted optional royalties. It also ran a promotion to waive its 2% platform fees.
Also Read: OpenSea Introduces Two New NFT Theft Protection Features
