TL;DR
- OpenSea announces support for the ERC721-C Limit Break standard, allowing creators to implement and enforce their earnings programmably on the blockchain.
- The ERC721-C standard makes it easier to implement token transfer conditions, such as royalties, across channels, addressing the issue of NFT laundering.
- The Seaport v1.6 update, along with Seaport Hooks, enables compatibility with ERC721-C, giving creators greater control over their earnings on the platform.
Leading NFT platform OpenSea has taken a significant step forward by announcing its support for the ERC721-C standard developed by Limit Break.
This standard, designed to address the issue of royalties in NFTs, allows creators to deploy and enforce their earnings programmably on 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
Previously, creators faced the challenge of losing their rights to NFTs when they reached secondary markets, since they did not receive royalties for those transactions.
ERC721-C standardizes token transfer conditions, such as royalties, across all channels, ensuring that creators receive their profits even in transactions on secondary markets.
The release of Seaport v1.6 by OpenSea has been instrumental in this integration.
The introduction of Seaport Hooks allows creators to set conditions that must be met before NFTs in their collections can be transferred.
This has made it easier to adapt OpenSea to be compatible with the gain compliance mechanism of the ERC721-C standard.
Setting up earnings on OpenSea is easy for creators with ERC721-C contracts
Furthermore, those who wish to ensure ERC721-C compatibility for NFTs deployed from now on can also do so, giving them flexibility and control over their earnings.
The recent Dencun upgrade on the Ethereum network has been instrumental in enabling these capabilities, including support for ERC721-C.
This update demonstrates the constant development and innovation within the Ethereum ecosystem, driving advancements in the NFT space.
OpenSea has reaffirmed its commitment to fairness and transparency in the NFT market through its “earnings matching” policy.
This policy ensures that collectors are not disadvantaged on the platform if creators earnings differ in other markets.
The integration of ERC721-C into OpenSea marks a significant milestone in the evolution of the NFT market, giving creators greater control over their earnings and promoting fairness in the industry.
