NFT marketplace giant OpenSea will be rolling out the first of a series of tools for users this weekend that will allow creators of new NFT collections to enforce their on-chain royalties.
OpenSea Will Require Creators to Make Their Own Payment Decisions
About the product, which will launch on November 8, the company said it wanted to “take a thoughtful and principled approach to this issue” after lengthy discussions among market participants on the right course of action to get creators paid.
The company said in a statement on Twitter:
“It’s clear that many creators want to be able to charge on-chain, and we believe they should make that choice, not the marketplace.
That’s why we’re developing tools that we hope will balance things out by putting more power in the hands of creators to control their business models.”
OpenSea CEO Devin Finzer said in an interview shortly after announcing the move:
“We are interested in making a better system. Our thinking is always to take a step back and consider all possible solutions to the problem, rather than just following one part of the process.”
In the coming months, the company will also produce additional tools that serve a similar purpose and will seek community feedback on developments.
For existing collections that want options to enforce creator payments, we’re told the changes will be expected to roll out by at least December 8.
The company is considering a number of different approaches. These may include continuing to impose off-chain fees for some collections groups, allowing on-demand creator fees, or collaborating on other on-chain enforcement options for creators.
Finzer said some existing collections’ smart contracts may already allow OpenSea to upgrade on-chain royalties to enforce it, while other contracts will be more difficult to change.
While some marketplaces, such as Solana marketplace Magic Eden, choose to cut creator fees entirely or make it optional, Stepn’s altcoin Others, such as the new NFT marketplace Mooar, have moved to a subscription model.
*Not investment advice.
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