OpenSea Empowers Creators with Support for ERC-721C

The renowned nonfungible tokens (NFT) trading platform, OpenSea, has made an exciting announcement. On April 2, the company revealed that it is adding support for the ERC-721C token standard that will allow creators to set and enforce royalties. Also, the creators can now implement programmable and enforceable creator earnings on-chain.

In addition to that, the enforcement of earnings can be done via click with the new support. Last year, the blockchain gaming company Limit Break made the ERC-721C to solve the problems of NFT wash trading. This could be done by standardizing token transfer conditions, like royalties, across all channels. Earlier, users were able to bypass creator royalty commissions on secondary markets like OpenSea and Blur. They could transfer NFT through self-custody wallets and even other NFT marketplaces that did not give importance to creators’ royalty requirements.

OpenSea’s Take 

According to the OpenSea developers, the March 13 Dencun upgrade on the Ethereum network made the ERC-721C compatible. The platform said, “If you enforce your creator earnings according to the steps above, sales will only be supported on OpenSea and other marketplaces powered by Limit Break’s payment processes.”

Limit Beak also expressed its views by saying, “In the long run, this allowed for the incentivization of zero-fee, royalty-optional trading with airdrops, effectively turning tokens intended to be non-fungible into proxies or fungible tokens.” 

The deployment of the ERC-721C contract on OpenSea will still allow creators to manually list their digital artwork on other marketplaces. However, OpenSea will match the lowest royalties on other platforms set by the creator. The new feature is also compatible with OpenSea’s Seaport 1.6. 

OpenSea’s Seaport 1.6 programs NFTs so that they can be sold under certain conditions, such as changes in metadata in response to sale volumes. The NFT royalties are between 2.5% and 10% per sale and the top NFTs have earned over $345 million since their launch. Limit Break also stated, “Traders were incentivized to farm tokens by wash-trading NFTs among their wallets, which is bad for the NFT industry.” Hence, the new support will solve various problems.