Leading NFT marketplace OpenSea is set to start enforcing NFT royalties set by their creators from Tuesday, November 8th. However, the strict policy will only apply to new NFT collections for the time being.
The company will also release an on-chain royalty enforcement tool, described as a “simple code snippet”, which is aimed at helping creators restrict NFT sales to marketplaces that provide royalties.
OpenSea’s new policy seeks to rebalance the financial scales in the favor of NFT creators, as data shared on Twitter by NFT marketplace X2Y2 last month revealed that just 18% of NFT traders paid royalties out to creators.
“It’s clear that many creators want the ability to enforce fees on-chain; and fundamentally, we believe that the choice should be theirs to make – it shouldn’t be a decision made for them by marketplaces,” Devin Finzer, Co-Founder and CEO of OpenSea, said in a blog post announcing...
