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Gungun Bhatia
Nov 7, 2022
by Gungun Bhatia

OpenSea Launches Tool to Assist NFT Collections Enforce Fees On-Chain

OpenSea NFT Collections

Table of contents

  1. OpenSea to Impose On-Chain Fees
OpenSea, a prominent player in the marketplace, has provided its users with the first of a number of tools that will enable developers of new NFT collections to impose royalties on-chain.

After a lengthy argument among market participants over how best to enforce payments to artists, the business opened its doors on November 8 and stated that it intends to take a substantial, ethical approach to solve the issue. NFT sales are only permitted on marketplaces that impose creator fees, according to the code to which it is granting authors access.

OpenSea to Impose On-Chain Fees

The business stated on Twitter that many producers desire the option to impose fees on-chain. So, by giving artists more control over their economic model, OpenSea is designing tools in the hopes that they will change the balance in their favor.

The business will also create more tools with comparable functions in the upcoming months and seek user input on the advancements. It stated that it would hold off on implementing any adjustments until at least December 8 for existing collections that want alternatives to compel creator payments.

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NFT collections OpenSea Non-Fungible Token (NFT) On-Chain
OpenSea Launches Tool to Assist NFT Collections Enforce Fees On-Chain
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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