The changes include the formation of the Creator Ownership Research Institute (CORI)
Image: Shutterstock
OpenSea, a non-fungible token (NFT) marketplace, recently announced its first royalty enforcement tool in a blog post. With this move, the company added to the ongoing NFT royalty debate. According to the blog post, the new tool's goal was to make creator fees, also known as royalties, enforceable on-chain. It was supposed to be applicable to new collections listed on the platform beginning November 8.
In an official tweet, OpenSea said, “There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable.
Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions.
2/ It’s clear that many creators want the ability to enforce fees on-chain & we believe that choice should be theirs–not a marketplace’s–to make.
So we’re building tools we hope will balance the scales by putting more power in creators’ hands to control their business model.