OpenSea Announces Creator Royalty Enforcement
OpenSea, a top NFT marketplace, announced that it would be taking steps to enforce royalties set by creators in a tweet from earlier this evening.
Beginning on Nov. 8 at 12:00 p.m. ET, OpenSea will begin to implement and "enforce creator fees only for new collections that use an on-chain enforcement tool."
The first implementation of this royalty enforcement will be through OpenSea's operator-filter-registry but the team did let it be known that it plans to update this code as time goes on and based on community feedback.
Due to difficulty with the enforcement for collections that are already minted, OpenSea said that it would not be making any changes to the existing project's royalties until at least Dec. 8. It is worth noting that there is no guarantee existing collections will see any changes on Dec. 8, just that that is the earliest the change could occur.
Lucky Trader will continue to cover the story as it develops.