OpenSea, the world’s largest NFT marketplace, recently announced the launch of its first version of an on-chain enforcement tool for creators.
With this tool, NFT creators can now impose royalties on new collections. OpenSea believes that creator fees are an important Web3 innovation that can help creators monetize their work more effectively.
With effect from November 8, Opensea will enforce creator fees for new collectionsn that use the on-chain enforcement tool.
According to the announcement made by OpenSea,
“Starting at 12 pm ET on Tuesday, November 8, OpenSea will enforce creator fees only for new collections that use an on-chain enforcement tool such as this one.”
OpenSea will evaluate new collections to see if their items can be sold on marketplaces that do not impose creator fees. OpenSea will not enforce creator fees for new collections that don’t implement on-chain enforcement.
According to a tweet posted by OpenSea,
“It’s clear that many creators want the ability to enforce fees on-chain & we believe that choice should be theirs, not a marketplace’s to make. so we’re building tools we hope will balance the scales by putting more power in creators’ hands to control their business model.”
Based on the code of the initial on-chain tool, which creators can add to future, existing, and upgradable NFT contracts, NFT sales are only permitted on marketplaces that charge creators fees.
Existing collections that want to impose creator fees will have to wait until December 8 for modifications.
6/ Knowing how difficult it is to enforce fees on-chain for existing collections, we won’t make any changes for existing collections until at least Dec 8, 2022. In the meantime, we’ll hold conversations w/ our communities to get their POV on a more optimal outcome
— OpenSea (@opensea) November 6, 2022
In addition to making creator fees optional and working collaboratively on on-chain enforcement options for creators, OpenSea is considering a range of options, including continuing to enforce off-chain fees for specific subsets of collections.
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