OpenSea CEO Provides More Context on Royalty Enforcement Tool
OpenSea CEO and co-founder Devin Finzer provided some additional context around their recently announced creator royalty enforcement tool, on Ryan Carson's "NFT Daily Dose" spaces this morning.
Devin came on the show for a Q&A session with Ryan, fielding questions from Ryan as well as the audience.
The primary takeaways from the discussion:
- OpenSea's ultimate goal is for more marketplaces to enforce royalties, and to lead with their own solution for on-chain royalty enforcement.
- Their restrictions apply to all marketplaces which are royalty-optional, not just royalty-free. They are planning to update their Github with the restricted marketplaces along with the rationale.
- They won't restrict projects to just their "snippet" of code for the enforcement tool; any code that blocks royalty-optional marketplaces will be fine and creators can use their own contracts of choice.
- For existing collections, Devin shared that they "don't know" what is going to happen for their royalties but that the default is not setting royalties to zero. He went on to state that they recognize creators and project types are diverse, and they welcome community feedback on their tool and the overall decision from all creators.
- Creators who have specific questions are invited to reach out to the OpenSea customer support team, ask questions in their discord or even reach out to Devin in Twitter DMs.
- When asked about suspicious assets, Devin shared they are thinking through a technical solution and will keep the community updated.
In a live poll during the conversation (which had over 4,400 listeners), 73 percent of Ryan's audience felt that creators will use the OpenSea contract when it goes live tomorrow.
After the show, OpenSea reinforced Devin's comments via the tweet below.
For us our focus is on building tools that empower creators. We can't demand that other marketplaces invest in the protection of creator fees, but we can optimize our platform to serve as much of the community as possible. https://t.co/VF4w1BWV68— OpenSea (@opensea) November 7, 2022