At present, almost the entire cryptocurrency industry is under the impression that non-fungible tokens (NFTs) came into being in 2021.
Surprisingly, the non-fungible tokens had come into being in the year 2013. However, the people were not ready to accept or realize such technology, which is why they never caught the public eye.
Finally, the non-fungible tokens started to gain momentum and recognition in the year 2021. In the beginning, non-fungible tokens were recognized as digital collectibles.
Soon, the non-fungible token artworks gained a lot of market attention. This is when OpenSea emerged as a major marketplace for NFT artworks.
Since then, OpenSea has become the largest marketplace for non-fungible token artworks. It currently has the highest NFT market dominance, which means that OpenSea continues to rule the NFT market.
As OpenSea entered the year 2022, it was the largest marketplace for NFTs. However, it started to lose its popularity as it did not offer much to the creators.
OpenSea did Not Offer Royalties
As the year 2022 has begun, other NFT marketplaces wanting to compete with OpenSea have come up with multiple products and features.
However, the most attractive one the rivals have offered is the royalties to the creators. This is what helped the rivals gain an upper hand against OpenSea and the platform started to lose its popularity.
OpenSea has Finally Offered Royalties
For several months in the year 2022, OpenSea did not do what others had been doing in regard to the royalties. However, OpenSea has finally opened up about its work on a special tool linked with royalties.
OpenSea has announced that it has launched a new tool for the creators that would allow them to enforce royalties.
The new tool would offer a great advantage to the creators in regard to their NFTs. The creators would be able to implement royalties on the NFTs that would continue generating funds for their benefit.
OpenSea Offers a Great Utility to the Creators
Through the new feature, the creators would have the opportunity of enforcing royalties on NFTs regardless of their creation.
The officials at OpenSea revealed on November 6 that the royalties feature would be implemented on NFTs no matter if they are new, existing, or old.
The feature would be optional for the creators, which means that it would not be enforced on every NFT as it is made by the creators.
Instead, the creators would have the freedom of enforcing royalties on the NFTs they like.
With the launch of the new tool, OpenSea has finally confirmed that it was not silent on the royalties debate. Instead, it was planning to come up with something far more efficient than the rivals’ offerings.