KEY POINTS
Non-fungible token (NFT) marketplace OpenSea persists in its commitment to empower creators announcing the integration of ERC721-C to bolster creator earnings enforcement.
Unveiled by blockchain company Limit Break last May, ERC721-C introduces creator-defined parameters for NFT transfers. Beyond facilitating enforceable creator earnings on chains, this standard empowers creators to establish custom logic for their collections.
This development follows OpenSea’s recent introduction of its protocol “Seaport v1.6” alongside the concept of “Seaport Hooks,” which ensures that the transfer of collections or NFTs occurs only when specific creator-defined conditions are met.
To leverage the enforcement mechanism offered by ERC721-C, an NFT smart contract must already comply with the 721-C standard or be upgradeable to it. Additionally, this method will only be compatible with OpenSea and other marketplaces powered by Limit Break’s Payment Processor, such as Magic Eden.
The implementation of this earnings enforcement method is aimed at honoring creator royalties and preventing workarounds of creator royalties on NFTs transferred across marketplaces that do not respect these rights.
This move reflects OpenSea’s ongoing efforts to empower creators over their royalties. In August, the marketplace shifted from the “Operator Filter tool” to an optional creator fee system for all secondary sales of new collections, granting creators greater autonomy in decision-making.
Beyond royalty enforcement, OpenSea has also focused on enhancing the overall experience for NFT creators and collectors alike. In January, it simplified NFT onboarding by allowing users to create an account with a self-custodial crypto wallet using their email. Additionally, last October saw the introduction of “OpenSea Studio,” a platform designed to streamline NFT creation and management for creators.
