OpenSea is about to launch an optional tool for on-chain creator fee enforcement

2022-11-06 10:03:58

Collection

ChainCatcher message, OpenSea stated that considering the current creator fee (royalty) mechanism is unsustainable, and that creator fees are an important innovation in Web3, it will soon launch an optional on-chain creator fee enforcement tool for new NFT collections starting from November 9 at 0:00. OpenSea will collect creator fees for new NFT collections through royalty enforcement and similar tools, while new NFT collections that do not use this tool will not incur royalties. In the coming months, OpenSea will introduce more tools to improve on-chain enforcement.

OpenSea indicated that due to the difficulty of enforcing on-chain royalty fees for existing NFT collections, there will be no changes to existing collections at least until December 8, 2022. (source link)

Related tags

OpenSea creators royalties NFT

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