Marketplace giants OpenSea launched the first of a series of new tools this weekend, making it possible for Non-Fungible Tokens (NFTs) creators to enforce royalties on-chain.
OpenSea stated that it wanted to “take a thoughtful, principled approach to this topic,” following a discussion among players in the market about the best course of action for them to enforce payments from creators.
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OpenSea CEO Devin Finzer said,
We’re interested in making a better system —Our thinking is always to take a step back and think of all the possible solutions to the problem rather than going with a portion of the industry.
It’s clear that many creators want the ability to enforce fees on-chain & we believe that choice should be theirs–not a marketplace’s–to make.The company wrote on Twitter.
So we’re building tools we hope will balance the scales by putting more power in creators’ hands to control their business model.
The company will also produce tools that serve a similar purpose and solicit community feedback on these developments.
OpenSea’s On-Chain Enforcement Tool For New Collections
This tool is OpenSea’s first version of on-chain enforcement which will go into effect starting on Tuesday, November 8th. OpenSea will enforce creator fees for new collections, equipped with an on-chain enforcement mechanism.
In the next few months, OpenSea will launch new tools and features to improve on-chain enforcement and engage with the community for feedback on our progress.
The Company says it’s our first on-chain tool, a coding snippet that creators can add to future NFT contracts and existing upgradeable contracts. This code restricts NFT sales only to marketplaces enforcing creator fees.
OpenSea wants to share this information with its communities immediately, so they have time to think, prepare and ask questions. Over the next few days, it plans on reaching out to many more artists and galleries.
OpenSea aims to build the best destination for NFT creators and collectors. As of now, some changes are being made about enforcing creator fees and also helping support new business models. The company appreciates everyone’s input so far and is looking forward to hearing from you more.