OpenSea creates tool to help NFT collections enforce royalties on-chain
Marketplace giant OpenSea laid out the first of a suite of tools for its users this weekend, allowing creators of new NFT collections to enforce royalties on-chain. Debuting on Nov. 8, the company said it wants to "take a thoughtful, principled approach to this topic," following a protracted debate among players in the market about the correct course of action on enforcing payments to creators.
The code to which it is giving creators access restricts NFT sales to marketplaces that enforce creator fees. The company is considering a range of approaches. These may include continuing to enforce off-chain fees for some subsets of collections, allowing optional creator fees or collaborating on other on-chain enforcement options for creators. The smart contracts of some existing collections may already allow OpenSea's upgrade, which would enforce royalties on-chain.
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