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"OpenSea, the biggest NFT marketplace still fully enforcing royalty fees, said today that it plans to stop the mandatory collection of resale fees for artists.

by hgsgm 3y ago

"OpenSea, the biggest NFT marketplace still fully enforcing royalty fees, said today that it plans to stop the mandatory collection of resale fees for artists. " Doesn't have anything to do with NFTs, just some random business's policy. This is a good change, to enable people to actually own what they purchased.

yladiz 3y ago
> This is a good change, to enable people to actually own what they purchased. I'm a bit confused by this statement. What do resale fees have to do with owning an NFT? You still own the NFT with or without the fees, the difference being that on OpenSea they used to (well, still do for a little while longer) give some money back to the original artist when the NFT is resold. The new owner is still an owner.
- ryanschaefer 3y ago
  Tbh, if artists expected this then they should have written it into the NFT itself. It would be difficult, potentially, due to the sales themselves occurring in different currencies, but if everything is eth based, it’s as simple as adding a line to the transfer function. https://ethereum.org/en/developers/docs/standards/tokens/erc-721/ https://ethereum.org/en/developers/docs/standards/tokens/erc... the standard itself only specifies the interface the token has to conform to, not any side effects of the transaction. This is why some individuals get dropped NFTs in their wallets that will transfer all tokens of the target to the attacker on sale. So yeah… thats also a thing if you didn’t know.
  - yladiz 3y ago
    > Tbh, if artists expected this then they should have written it into the NFT itself. Wouldn’t this only work on the first transaction and not any subsequent ones?
    - ryanschaefer 3y ago
      No because NFTs are just smart contracts which can be queried for the current owning wallet. Similar to OO, you can put any side effects you want into the functions as long as they conform to the interface

by hgsgm 3y ago

yladiz 3y ago

> This is a good change, to enable people to actually own what they purchased. I'm a bit confused by this statement. What do resale fees have to do with owning an NFT? You still own the NFT with or without the fees, the difference being that on OpenSea they used to (well, still do for a little while longer) give some money back to the original artist when the NFT is resold. The new owner is still an owner.

ryanschaefer 3y ago
Tbh, if artists expected this then they should have written it into the NFT itself. It would be difficult, potentially, due to the sales themselves occurring in different currencies, but if everything is eth based, it’s as simple as adding a line to the transfer function. https://ethereum.org/en/developers/docs/standards/tokens/erc-721/ https://ethereum.org/en/developers/docs/standards/tokens/erc... the standard itself only specifies the interface the token has to conform to, not any side effects of the transaction. This is why some individuals get dropped NFTs in their wallets that will transfer all tokens of the target to the attacker on sale. So yeah… thats also a thing if you didn’t know.
- yladiz 3y ago
  > Tbh, if artists expected this then they should have written it into the NFT itself. Wouldn’t this only work on the first transaction and not any subsequent ones?
  - ryanschaefer 3y ago
    No because NFTs are just smart contracts which can be queried for the current owning wallet. Similar to OO, you can put any side effects you want into the functions as long as they conform to the interface