The ERC-721C token standard was enabled by the Dencun upgrade.
Nonfungible tokens trading platform OpenSea has added support for the ERC-721C token standard that allows creators to set and enforce royalties., creators on OpenSea can now enforce earnings via one click. Invented last May by blockchain gaming company Limit Break, ERC-721C solves the problem of NFT wash trading by standardizing token transfer conditions, such as royalties, across all channels.
"In the long-run, this allowed for the incentivization of zero-fee, royalty-optional trading with airdrops, effectively turning tokens intended to be non-fungible into proxies for fungible tokens," Limit Breakin a Medium post, adding that"traders were incentivized to farm tokens by wash-trading NFTs among their own wallets, which is bad for the NFT industry."on the Ethereum network.
The feature is also compatible with OpenSea's Seaport 1.6, which programs NFTs to be sold only under certain conditions, such as a changing metadata in reaction to sale volume. Although largely at the discretion of its creator, NFT royalties typically range between 2.5% to 10% per sale. The top 10 NFT collectionsBitcoin resets bull market BTC price metrics as April dip passes 7%
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