OpenSea, a major nft marketplace, has chosen the ERC-721C standard developed by Limit Break in an effort to empower artists and offer fair reward. This innovation is a big step towards changing the digital property landscape by allowing creators to enforce revenues on-chain.
Getting to know ERC-721C: an important advance in nft standards
“ethereum Request for Comments – Collection 721” or “ERC-721C” is a token standard that was carefully created to solve the common problem of creators not being paid fairly in secondary markets. ERC-721C introduces programmable and executable creator royalties directly to the blockchain, unlike its predecessors. This innovative feature attempts to curb bogus behavior such as wash trading while benefiting innovators.
The programmable aspect of ERC-721C, which allows producers to configure and enforce profits on-chain, is one of its unique advantages. This implies that an automatic payment of a fixed proportion of the sale price is made to the developer each time an nft is purchased on secondary markets. By combating “wash trading,” which is the practice of avoiding royalties through different means, ERC-721C ensures that authors will receive their fair share of revenue from future transactions.
OpenSea Rules and Regulations for Creators
To benefit from this innovative operation, developers must ensure that their nft smart contracts are consistent or in line with the ERC-721C standard. Through Creator Studio, OpenSea offers an easy-to-use interface that allows developers to easily change their revenue settings and enable ERC-721C legality. The relationship is useful for collections created with OpenSea Studio or delivered with supported custom smart contracts.
OpenSea's adoption of the ERC-721C standard is a big step in the right direction towards fair payment to artists within nfts. OpenSea shows its commitment to promoting an open and fair economy for authors by connecting to the ethereum network upgrade known as Dencun. Additionally, by limiting sales to OpenSea and other platforms that use Limit Break's payment processor, this integration ensures that authors get their fair share of royalties from a variety of markets.
Final thoughts
The Web3 community is entering a new era of creator empowerment and fair reward with the adoption of the ERC-721C standard by OpenSea. Creators now have more control over their intellectual property and can ensure they get a fair price for their work thanks to programmable royalties applied across the network. Efforts like ERC-721C open the door to a more sustainable and fair future for digital media creators as blockchain technology develops.
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