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OpenSea builds tool for NFT creators to apply royalties to the chain

OpenSea builds tool for NFT creators to apply royalties to the chain

NFT marketplace, OpenSea, has revealed its plans to build a tool to help creators implement creator fee payments on its platform.

It is perhaps nothing new whether or not to impose royalties, which has been a matter of debate in the industry ever since it was introduced. While some platforms have already concluded their side of the argument, platforms such as OpenSea had yet to reveal their opinion.

OpenSea finally revealed its ideas and plans for implementing on-chain royalties on Sunday. Beginning with its plans, the platform said, “While many markets have opted to stop implementing maker fees, to put it bluntly, WAGMI has not been realized over the past few months.”

Stating that it is clear that many creators want the ability to enforce on-chain fees, the platform believes that royalty enforcement should be the creators’ choice and not the market to decide for them.

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“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 models,” says OpenSea noted on Twitter. The platform will launch a tool for applying on-chain royalties for new collections that will be launched on its platform.

According to OpenSea, the on-chain tool is a simple piece of code that manufacturers can add to their NFT contracts as well as to their existing upgradeable contracts. The code limits the sale of NFTs to marketplaces that charge a creator fee.

Starting Tuesday, November 8th, OpenSea will only apply producer fees to new collections that use the on-chain enforcement tool. In the coming months, the platform will also introduce additional tools that serve a similar purpose and solicit community feedback on the development.

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As for the archive already on the platform, OpenSea said it would not make any changes until December 8.

Overall, the platform is considering various approaches to this topic, including actions to enforce off-chain fees for certain subsets of collections, allowing alternative creator fees, or participation on other on-chain enforcement options for creators. includes doing.

Notably, this news comes amid controversy over the imposition of royalties in the industry. Speaking of which, NFT marketplace Magic Eden recently entered into agreement for its users to opt for an alternative royalty method, giving buyers the power to either choose to pay royalties when purchasing NFTs on its platform Got it.

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Image Source: Shutterstock


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