OpenSea appears to have taken a position in the NFT royalties debate while launching a new on-chain tool helping creators enforce royalties.
The NFT marketplace 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.
The OpenSea CEO Devin Finzer announced the marketplace has launched a new tool that will allow creators to deliver “on-chain enforcement” of their royalties.
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 contracts. The code will also restrict NFT sales to only marketplaces that enforce creator fees.
Finzer also said OpenSea will enforce royalties for new collections using an on-chain enforcement tool, but won’t do so for new collections that don’t opt-in. It explained in an accompanying Twitter Spaces that OpenSea is not requiring users to use specific solution and that creators can use whatever solution.
