OpenSea Takes NFTs to Next Level Introducing a New Tool for NFT Royalties


OpenSea, a major non-fungible token (NFT) marketplace has made a major announcement for the creators using its platform.

In the recent months, OpenSea started to lose its fame and popularity in the NFT sector. It is because other major NFT marketplaces in the decentralized finance industry have started to offer royalties.

Royalties means that whenever a particular NFT embedded with the royalties is sold, the creator gets the pre-decided profit on it. There is no limit to how many times an NFT can be sold.

The profit for the creators keeps coming in the form of royalties regardless of the times the NFT is sold.

OpenSea Takes On the Royalties Debate

OpenSea is now taking its NFT marketplace offering to the next level. It is reportedly doing this by launching a new tool that is going to be beneficial for the creators.

The tool would be on-chain and it would let the creators implement royalties on the created NFTs. This is going to be a huge traction for the NFT creators as OpenSea’s current NFT market dominance is 66%.

This means that OpenSea has the majority stake in the NFT sector and it is going to bring in great masses of creators to the platform plus the industry.

Initially, many other NFT marketplaces had started to offer NFT royalties. However, OpenSea, the largest NFT marketplace was completely silent on the matter.

The platform remained silent and it was constantly losing its users and trading volume while others were recording significant gains.

Finally, OpenSea has broken its silence on the royalties and it has reportedly introduced a new tool to back it.

With the help of the new tool, the creators would be able to impose royalties on any of the NFTs they like. This is going to be a huge utility for the users they would be able to use to take its advantage.

While other NFT marketplaces have come up with their own strategies surrounding royalties, OpenSea has launched a one of a kind tool for the community.

This tool would let OpenSea regain the users and the stats that it has lost in the recent months.

Functions of the New Tool

With the help of the new tool, the users would be able to implement royalties on all kinds of NFTs.

Whether the NFTs were created in the past, present, or are to be created, the users would have the option at the disposal.

The creators would be able to use the same tool to enforce restrictions. With the restriction, the buyers will not be able to sell the NFTs outside the OpenSea marketplace.