OpenSea launches new "on-chain" tool to enforce NFT royalties
Royalty enforcement tool only applies to new NFT collections at this stage, with a decision to be made on existing collections at a later date. Nonfungible (NFT) marketplace OpenSea appears to have taken a position in the NFT royalties debate — launching a new "on-chain" tool helping creators enforce royalties. The NFT marketplace, which according to CoinGecko commands 66% of the market share in NFT marketplaces been relatively silent on the issue of royalties and enforcement while others in the space have been implementing their own strategies over the last few months. In a Nov. 6 blog....
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The NFT marketplace has clarified its stance on creator royalties after receiving significant public backlash from an earlier post. NFT marketplace OpenSea has announced it will continue to enforce royalties across all collections going forward, following outcry from creators earlier this week for considering otherwise. On Nov. 7 OpenSea announced they were launching an on-chain tool allowing creators to enforce royalties for any new collections on the platform, but stopped short of offering the same to existing collections.At the time, the marketplace said it would be considering options....
South Korea’s central bank has tested purchasing NFTs with their central bank digital currency (CBDC). In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies. In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News....
The CEO of NFT marketplace Magic Eden said NFT creators “need a sustained revenue model” and with “no way” of currently enforcing royalties a “new asset class” could emerge to enforce them. Royalty enforcing NFTs to be a ‘new asset class’: Magic Eden CEOJack Lu, the CEO of Solana-based nonfungible token (NFT) marketplace Magic Eden has floated the idea of NFTs designed to enforce royalties.Lu said in an address at Solana’s Breakpoint 2022 conference on Nov. 5 that these NFTs could “give rise to a new asset class” as the space grapples with the debate around opt-in royalties.He added that....
“You don't give us any percentage of what you make off us, off our kids. And I'm going to change that,” the artist told one paparazzi photographer. Kanye West expressed his frustration at the paparazzi after being filmed arriving at Miami International Airport on Monday, as seen in a video posted by ET Canada. Kanye can be heard saying to the cameraman:"It's just really one-sided. You guys can follow us, you guys to stand from the hotel at any given time. You don't give us any percentage of what you make off us, off our kids. And I'm going to change that."Kanye in Miami | Source: ET....
Amiss the market chaos, there is still room for NFT royalty chatter. OpenSea has announced that creator royalties will maintain as they have been on the marketplace, feeding what seems to be a ‘closing loop’ on what has been a continual hot topic around the NFT community lately. The move comes as OpenSea competitors sought […]