OpenSea Announces Program to Help Enforce NFT Royalty Payments

Marketplace giant OpenSea gave its users the first of a series of tools this weekend, allowing creators of new collections of non-few tokens (NFT) to force payments on-chain. Coming out on November 8, the company said it wanted to “take a thoughtful and principled approach to this topic,” following a long-running debate among market players about the appropriate action to enforce payments to creators. The code that gives creators access to it limits the sale of NFTs to markets that enforce creator payments.

Cash rewards NFT artists receive every time their work changes hands. This means that creators are paid for their art, even in secondary auctions. For artists, this is very important and gives them more financial freedom to create and produce more art.

“It’s clear that many creators want the ability to enforce payments on the chain and we believe that the choice should be theirs—not the marketplace’s—to make,” the company said. he wrote on Twitter“So we’re building tools that we hope will balance the scales by putting more power in the hands of creators to control their business model.”

In the coming months, the company will produce more tools that serve the same purpose and ask for public feedback on the development.

OpenSea said it is still considering what to do about existing NFT projects and that it will seek more public feedback before a self-imposed December 8 deadline. After that date, the marketplace will make a decision that may eventually include paying royalties to traders, as other marketplaces have done.

The company is considering several options. This may include continuing to enforce off-chain payments for other sub-clusters, allowing voluntary payments for creators or engaging in other options to enforce creators. The smart contracts of some existing clusters may allow for OpenSea development, which will force payments on the chain, while other contracts would be more challenging to change, Finzer said. in a blog post,

In recent months, many emerging markets and competitors have tried to hide market share by offering zero trades or making them optional. Almost the entire Solana NFT market now works with those models, after Magic Eden. you make royalties by choice for traders, and Ethereum platforms like X2Y2, LooksRare, and Blur followed suit.

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