OpenSea Adopts ERC-721C Standard to Support NFT Royalties
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OpenSea, one of the top NFT trading platforms, has introduced the ERC-721C token standard in its systems which allows the creators of NFT collections to effortlessly enforce their royalties.
On April 2, a solution was proposed to tackle the problem of NFT wash trading. It involves linking token transfer terms across various platforms. This way, artists can protect their income more effectively.
The ERC-721C standard, introduced by top blockchain gaming company Limit Break, simplifies the process of ensuring payments for creators. It prevents misuse in both directions by not allowing users to trade NFTs after minting them using self-custody wallets or unregulated platforms. The owners of NFTs can now secure false earnings with a single click.
The upgrade on the Ethereum network on March 13, 2021, known as Dencun was the stepping stone for the compatibility of the ERC-721C. OpenSea won’t support these sales, but it doesn’t include creations sold through other outlets using the Limit Breaks Payment Processor service.
Furthermore, creators can still manually list their digital art on other sites like OpenSea. However, their roles will be similar to those with the lowest royalty fees on the other platform.
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