NFT marketplace, OpenSea has revealed its plan to create a tool to help creators on its platform enforce creator fee payments.

It is probably not a new thing whether or not royalties are applied, which have been topics of discussion in the industry since it was introduced. While some platforms have already concluded their side of the argument, platforms like OpenSea are yet to reveal their opinions.

OpenSea finally revealed its thoughts and plans on the on-chain royalty application on Sunday. Kicking off its plans, the platform stated, “With many markets choosing to waive creator fees, to put it bluntly, the past few months have felt nothing like WAGMI.”

Stating that it is clear that many creators want the ability to apply on-chain fees, the platform believes that the application of royalties should be the choice of creators and not the decision that markets must make for them.

“So we’re creating tools that we hope will balance the scales by putting more power in the hands of creators to control their business model,” OpenSea indicated On twitter. The platform would launch a royalty chain application tool for new collections that would launch on its platform.

According to OpenSea, the on-chain tool is a simple piece of code that creators can add to their NFT contracts, as well as their existing updatable contracts. The code restricts sales of NFTs to marketplaces that impose fees on creators.

Starting Tuesday, November 8, OpenSea will apply creator fees only for new collections using the chain application tool. In the coming months, the platform will also introduce additional tools with a similar purpose and solicit community feedback on developments.

As for the collections that already exist on the platform, OpenSea stated that it will not make any changes until December 8.

In general, the platform seeks to consider different approaches to this issue, including the procedures of enforcing off-chain fees for some subsets of collections, allowing optional fees for creators, or partnering in other on-chain enforcement options for users. creators.

Notably, this news comes amid controversy over the application of royalties in the industry. Speaking of which, the Magic Eden NFT marketplace recently decided to go for an optional royalty method for its users, giving buyers the power to choose to pay royalties or not when purchasing NFTs on their platform.

Image Source: Shutterstock