OpenSea Plans to Create Tool for Enforcing Creator Fee Payments

NFT marketplace, OpenSea, has announced its intention to develop a tool that will enable creators on its platform to enforce royalty payments. This move comes amidst ongoing discussions about the enforcement of royalties in the industry. While some platforms have already taken a stance on the issue, OpenSea has now revealed its plans.

The platform believes that it should be the decision of creators to enforce fees, rather than marketplaces making that choice for them. With this in mind, OpenSea will be launching an on-chain tool for the enforcement of royalties on new collections launching on its platform.

The on-chain tool is a simple code piece that creators can add to their NFT contracts, including existing upgradeable contracts. By implementing this code, NFT sales will be restricted to marketplaces that impose creator fees. Starting from November 8th, OpenSea will enforce creator fees only for new collections that use the on-chain enforcement tool. The platform also plans to introduce additional tools in the future, soliciting community feedback on these developments.

For collections that already exist on OpenSea, no changes will be made until December 8th. The platform is considering various approaches to this topic, which may include enforcing off-chain fees for certain collections, allowing optional creator fees, or partnering with other on-chain enforcement options for creators.

It’s important to note that OpenSea’s announcement comes at a time when the controversy surrounding royalty enforcement in the industry is at its peak. Another NFT marketplace, Magic Eden, recently settled for an optional royalties method, giving buyers the choice to pay royalties or not when purchasing NFTs on its platform.

Image source: Shutterstock