OpenSea Empowers Creators with ERC-721C Token Standard

In a move aimed at revolutionizing the NFT marketplace, OpenSea has integrated support for the ERC-721C token standard, allowing creators to enforce royalties on their digital assets directly through the blockchain.

We're excited to announce that creators can now use ERC721-C from @limitbreak to set and enforce their own creator earnings on OpenSea.

What is ERC721-C? ERC721-C is a standard that enables creators to implement programmable and enforceable creator earnings on-chain. It also… pic.twitter.com/iGAuGsjNid

— OpenSea (@opensea) April 2, 2024

The ERC-721C standard, developed by Limit Break, addresses the longstanding issue of creators not receiving proper compensation for their work in secondary markets. With this integration, creators can now set and enforce earnings on their NFTs, ensuring they receive a percentage of the sale price whenever their assets are resold.

This development comes as a significant step forward in promoting fair compensation practices within the NFT ecosystem. Previously, creators faced challenges such as “wash trading,” where royalties were bypassed through self-custody wallets or non-compliant platforms. With ERC-721C, creators have greater control over their intellectual property and can protect their earnings across secondary market transactions.

The compatibility for ERC-721C on OpenSea was made possible following the Dencun upgrade on the Ethereum network. Creators can now enforce earnings via ERC-721C with just one click, restricting sales exclusively to OpenSea and other marketplaces powered by Limit Break’s Payment Processor.

Furthermore, OpenSea’s Seaport 1.6 protocol enhances creators’ control over their NFT sales by allowing them to set specific conditions, such as enforcing royalties or specifying preferred marketplaces for sales.

ERC-721C on OpenSea: What’s Next?

Overall, the integration of ERC-721C into OpenSea marks a significant milestone in the quest for fair compensation for creators in the NFT space. By standardizing conditions for token transfers and enforcing royalties, this initiative promotes transparency, fairness, and integrity within the burgeoning NFT industry. As the digital asset landscape continues to evolve, ERC-721C will play a pivotal role in empowering creators and safeguarding their earnings.

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