According to a statement, it will serve as a community-controlled whitelist and blacklist for smart contracts that pay royalties. To ensure that users can only trade through contracts that respect royalties, NFT creators will be able to utilize these lists to manage the smart contracts that can transmit or receive NFTs from their collection.
ImmutableX is already using the solution. Holders of IMX tokens will have control over the lists.
Robbie Ferguson, a co-founder of Immutable, spoke out in favor of NFT royalties even as big markets started making them optional. Almost all significant marketplaces now allow buyers to choose not to pay royalties on NFTs; the biggest exception is industry leader OpenSea.
Immutable’s new tool relieves marketplaces of the responsibility of enforcing royalty payments, something that organizations like Magic Eden have been advocating for while acknowledging that producers must determine how tightly to enforce royalty payments.
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