OpenSea launches on-chain tool to enforce NFT royalties

The royalty application tool only applies to new NFT collections at this stage, a decision needs to be made on the existing collections at a later date.< /p> New

Non-Fungible Marketplace (NFT) OpenSea appears to have taken a stand in the NFT royalty debate by launching a new "on-chain" tool to help creators enforce royalties.

The NFT marketplace, which CoinGecko claims has 66% of the market share of NFT marketplaces, has remained relatively quiet on the issue of fees and enforcement, while others in the space have put implemented their own strategies in recent years. month.

In a November 6 blog post, OpenSea CEO Devin Finzer noted that in marketplaces where fees are optional, they have "seen the rate of voluntary payment of creator fees dropping to less than 20%", while in other markets, creator fees are "simply not paid at all."

The CEO of OpenSea has announced that the marketplace has launched a new tool that will allow creators to provide an "on-chain application" of their royalties.

There has been a lot of discussion over the past few months about business models for NFT creators and whether creation fees ("royalties") are viable.

Given our role in the ecosystem, we want to take a thoughtful and principled approach to this topic and offer solutions.

Finzer described the tool as a "simple snippet," which allows creators to apply royalties to new and future NFT collection smart contracts and existing evolving smart contracts. The code will also limit NFT sales to only marketplaces that charge creation fees.

"It's clear that many creators want to be able to apply on-chain fees; and fundamentally, we believe...