OpenSea Debuts ERC-721C Standard For Programmable Creator Earnings
OpenSea has embraced the ERC-721C token standard, a new token standard designed to address the issue of enforceable on-chain royalties for NFT creators.
The new standard allows for “programmable earnings” for NFT creators, addressing the issue of NFT wash trading.
The standard, developed by blockchain gaming firm Limit Break, enables “enforceable” token transfer conditions, such as royalties, across all channels.
The transition to ERC-721C incentivized zero-fee, royalty-optional trading with airdrops, turning non-fungible tokens into proxies for fungible tokens.
The new standard is backward-compatible with ERC-721, the base standard for non-fungible tokens.
The March 13 Dencun upgrade on the Ethereum network enabled compatibility for ERC-721C on OpenSea.
Creators can enforce their earnings using this standard, with sales supported only on OpenSea and other marketplaces powered by LimitBreak’s Payment Processor.
(With inputs from Shikha Singh)
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