Popular nft Marketplace twitter.com/opensea” target=”_blank” rel=”noopener”>Open sea has announced the implementation of the ERC-721C standard for creator royalties.
This standard, developed by Limit Break, allows creators to make programmable and executable on-chain profits, giving them more control over their intellectual property.
With the ERC-721C standard, creators will be able to establish and enforce their earnings on the platform.
Source: Open SeaWhat is ERC-721C?
ERC-721C, or “ethereum Request for Comments – Collection 721,” is a token standard developed by Limit Break to address the issue of creators not receiving adequate compensation for their work in secondary markets.
One of the key features of ERC-721C is its ability to allow creators to impose royalties on their works directly through the blockchain. This means that every time an nft is resold on a secondary market, the creator automatically receives a percentage of the sale price as compensation.
This feature aims to address the issue of “wash trading,” where people evade paying royalties to creators through various means, such as self-custody wallets or non-compliant trading platforms.
With ERC-721C, creators can ensure they receive adequate compensation for their work, even in secondary market transactions.
How can OpenSea creators be eligible?
To be eligible for this feature, nft smart contracts must comply with the ERC-721C standard or be able to upgrade to one.
Creators can enable ERC-721C support within OpenSea Creator Studio. Collections created through OpenSea Studio can set the creator revenue app within their settings. Similarly, for collections deployed using custom smart contracts supporting ERC721-C or ERC1155-C, creators can manage their earnings through OpenSea Studio.
The integration of the ERC-721C standard is based on the upgrade of the ethereum network known as Dencun, which occurred on March 13, 2021.
Enforcing creator earnings according to ERC-721C standards will restrict sales exclusively to OpenSea and other marketplaces powered by LimitBreak's payment processor, such as Magic Eden, and royalties will potentially align with those set by the creators with the lowest fee structures on other platforms.
They want more? Connect with nft Plazas
Subscribe to our newsletter
Join our discord
twitter.com/nftplazas” target=”_blank” rel=”noopener”>Follow us on twitter
facebook.com/nftplazas” target=”_blank” rel=”noopener”>Like us on facebook
instagram.com/nftplazas/” target=”_blank” rel=”noopener”>Follow us on instagram
*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js?v=next’);<script async src="//www.instagram.com/embed.js”>
