This article comes fromThe Blocksecondary title

Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- OpenSea plans to help creators on its platform enforce royalty payments.

- "We are interested in developing a better system," OpenSea CEO Devin Finzer said in an interview.

NFT marketplace giant OpenSea rolled out the first set of tools for its users over the weekend, allowing creators of new NFT collections to enforce royalties on-chain.

The tool will be launched for the first time at 0:00 on November 9, with OpenSea saying it hopes to "take a thoughtful, principled approach to the topic" following a protracted debate among market participants over the right way to enforce payments to creators.

The code it allows creators to access limits NFT sales to marketplaces that enforce payment to creators.

"It's clear that many creators would like to be able to enforce fees on-chain, and we believe the choice should be theirs, not the market's," the company tweeted, "so we're building some tools to Hopefully that balance will be struck by giving creators more power to control their business models."

"We're interested in developing a better system," OpenSea CEO Devin Finzer told The Block shortly after announcing the move. rather than following one part of the industry."

In the coming months, the company will also produce other similar tools and solicit community feedback on the development.

For existing NFT series that want to force payment to creators, OpenSea said it will not roll out any changes until at least December 8.

The company is considering a range of approaches. This could include continuing to enforce off-chain fees for certain sub-series of NFT series, allowing optional creator fees, or rolling out other on-chain enforcement options for creator partnerships. Finzer said that some existing series of smart contracts may already allow OpenSea to make an upgrade that would enforce on-chain royalties, while other contracts would be more of a challenge for this change.The moves come as major marketplaces scramble to establish themselves as the primary venue for NFT trading. Some markets, such as Solana ecological NFT market Magic Edenannounced that it will enable optional royalties on its platform, allowing NFT buyers to choose a full-royalty, half-royalty or no-royalty model. In addition, Magic Eden alsoIntroduced NFT customization tool based on transaction characteristics

, allowing collectors to further customize their NFTs while allowing creators/artists to enable new revenue streams. The tool was released on Raindrops and Metaplex in October. While others, like MOOAR, STEPN’s NFT marketplace, have moved to a subscription model.

As OpenSea, which occupies the largest share of the NFT market transaction volume, it has never spoken out on this issue before.