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.

Author Bio

Cameron Ciletti

Cameron Ciletti is an NFT Analyst for Lucky Trader with over four years of writing experience ranging from fantasy sports to NFTs. Cameron is very keen on CC0 NFTs as he believes free usage rights aligns with the values of what Web 3 is trying to accomplish. Cameron is also a big advocate for mental health awareness as he has Bipolar disorder and wants others to know they are not alone in their struggles with mental health. Outside of NFTs, he enjoys playing the board game Catan competitively and the video game Rocket League.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.