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Post: OpenSea Implements ERC-721C Standard for NFT Royalties

OpenSea Implements ERC-721C Standard for NFT Royalties

Key Points

  • OpenSea has integrated support for the ERC-721C token standard allowing creators to enforce royalties.
  • The ERC-721C standard was created by Limit Break and aims to prevent NFT wash trading by standardizing token transfer conditions.
  • Creators on OpenSea can now easily set and enforce earnings through a simple process.

OpenSea Integration of ERC-721C Standard

OpenSea, a popular NFT trading platform, has implemented support for the ERC-721C token standard, which enables creators to establish and ensure royalties for their work. This integration simplifies the process for creators to earn their deserved royalties with just one click.

Preventing NFT Wash Trading with ERC-721C

The ERC-721C standard was developed by Limit Break with the specific goal of addressing the issue of NFT wash trading. By standardizing token transfer conditions, such as royalties, across various platforms including OpenSea, the standard aims to prevent users from bypassing creator royalties when trading NFTs.

Impact on NFT Ecosystem

Prior to the implementation of this standard, users could easily avoid paying creator royalties by transferring NFTs through certain channels that did not account for these requirements. This had the unintended consequence of incentivizing zero-fee, royalty-optional trading through methods like wash-trading, which negatively impacted the NFT industry. With the integration of the ERC-721C standard, the ecosystem aims to create a fairer environment for creators and prevent such exploitation.

Hot Take

The integration of the ERC-721C standard on OpenSea represents a significant step towards ensuring that creators receive their rightful earnings in the NFT marketplace. By addressing issues like NFT wash trading, this move not only benefits creators but also contributes to the overall integrity of the NFT industry.

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