NFT marketplace, OpenSea has revealed plans to create a tool that will aid creators on the platform collect fees from creators.
This is probably not a fresh issue, whether or not royalty enforcement has been a topic of discussion in the industry since their introduction. While some platforms have already presented their side of the argument, platforms such as OpenSea have not yet revealed their opinion.
On Sunday, OpenSea finally revealed its thoughts and plans on enforcing licensing fees on the network. Kicking off its plans, the platform stated, “As many marketplaces have decided to stop collecting fees from creators, to put it bluntly, I have not experienced WAGMI over the past few months.”
Stating that it’s clear that many creators want to be able to enforce on-chain royalties, the platform believes that royalty enforcement should be a choice for creators, rather than a decision that marketplaces have to make for them.
“So we’re building tools that we hope will balance the scales by giving creators more power to control their business model” – OpenSea recorded on Twitter. The platform would launch a tool to enforce online licensing fees for fresh collections that will appear on its platform.
According to OpenSea, the on-chain tool is a plain piece of code that creators can add to their NFT contracts, as well as existing upgradeable contracts. The code limits NFT sales to marketplaces that impose fees on creators.
Starting Tuesday, November 8, OpenSea will only enforce creator fees for fresh collections using the on-chain enforcement tool. In the coming months, the platform will also introduce additional tools for a similar purpose and bring awareness to the community about the changes.
As for collections already existing on the platform, OpenSea said it will not make any changes until December 8.
Overall, the platform is considering various approaches to this topic, which include pursuing off-chain fee enforcement for certain subsets of collections, allowing optional fees for creators, or partnering on other enforcement options for on-chain creators.
It’s worth noting that this news comes amid controversy over royalty enforcement in the industry. Speaking of which, NFT marketplace Magic Eden recently decided to opt for an optional royalty method for its users, giving buyers the option to choose to pay royalties or not when purchasing an NFT on its platform.
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