Nonfungible (NFT) marketplace OpenSea appears to have taken a position in the NFT royalties debate — launching a new “on-chain” tool helping creators enforce royalties.
The NFT marketplace, which according to CoinGecko, commands 66% of the market share in NFT marketplaces, has been relatively silent on the issue of royalties and enforcement, while others in the space have been implementing their own strategies over the last few months.
In a Nov. 6 blog post, OpenSea CEO Devin Finzer noted that in marketplaces where fees are optional, they’ve “watched the voluntary creator fee payment rate dwindle to less than 20%,” while in other marketplaces creator fees are “simply not paid at all.”
The OpenSea CEO announced the marketplace has launched a new tool that will allow creators to deliver “on-chain enforcement” of their royalties.
There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable.
Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions.
— OpenSea (@opensea) November 6, 2022
Finzer described the tool as a “simple code snippet,” which allows creators to enforce royalties on new and future NFT collection smart contracts and existing upgradeable smart…
