OpenSea Launches On-chain Royalties Execution Engine For New NFT Series

OpenSea has announced on its official blog that it will soon be launching an on-chain creator fee enforcement tool for the new line of NFTs.

According to an official statement, Opensea today launched a tool for on-chain enforcement for royalties on new NFTs. Starting at 12:00 ET on Tuesday, November 8, OpenSea will only enforce new NFTs using the NFT on-chain enforcement engine and taxes.

No changes have been made to the existing series until at least December 8, 2022. After December 8, there may be various options, including continuing to enforce royalty on certain films or providing other chained royalty enforcement tools.

The tool is said to be the first on-chain executable version of Opensea, with more tools and improvements to be rolled out in the coming months for a new series of on-chain executions.

The foundation added that it recognizes that not all creators, NFTs and communities are alike and is looking to develop a long-term policy that reflects this.

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