'It’s become clear that the current mechanics of creator fee enforcement are not sustainable,' said OpenSea CEO Devin Finzer.
post, OpenSea CEO Devin Finzer noted that in marketplaces where fees are optional, they’ve “watched the voluntary creator fee payment rate dwindle to less than 20%”, while in other marketplaces creator fees are “simply not paid at all.”
Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions.Finzer described the tool as a"simple code snippet," which allows creators to enforce royalties on new and future NFT collection smart contracts, and existing upgradeable smart contracts. The code will also restrict NFT sales to only marketplaces that enforce creator fees.
Finzer explained in an accompanying Twitter Spaces that OpenSea is"not requiring folks to use our specific solution," creators can use"whatever solution you want and implement it anyway." "To the best of our knowledge, the only way to achieve on-chain creator fee enforcement for existing collections with non-upgradeable smart contracts is to take drastic measures with their communities, like shifting the canonical collection to a new smart contract," Finzer said.
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