OpenSea Introduces Optional Tool for On-Chain Creator Fee Enforcement

OpenSea stated that considering that the current creator fee (royalty) mechanism is unsustainable, and that creator fees are an important innovation in Web3, it announced the upcoming optional on-chain creator fee enforcement for new NFT series Tool, starting at 0:00 on November 9th OpenSea will charge creator fees for new NFT series through a similar tool such as royalty enforcement, new NFT series that do not use this tool will not receive royalties. In the coming months OpenSea will roll out more tools to improve on-chain execution. Given the difficulty of enforcing on-chain mandatory royalty fees for existing NFT collections, OpenSea stated that no changes will be made to existing collections until at least December 8, 2022.