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Cryptogambling / OpenSea announces new standards for redeemable NFTs

OpenSea announces new standards for redeemable NFTs

Publish Date: 31/08/2023
Video: OpenSea | The NFT marketplace with everything for everyone

OpenSea | The NFT marketplace with everything for everyone

As part of its roadmap for future on-chain redeemable support and other functionalities for redeemable NFTs, OpenSea has released Ethereum Requests for Comment (ERC-7496 and ERC-7498) and Seaport Improvement Proposals (SIP-14 and SIP-15). These tokens grant both on-chain and off-chain benefits, providing tangible rewards to users.

The first token allows creators to launch collections that users can redeem for other NFTs, while the second token enables NFTs to be redeemable for physical items and experiences. These tokens will also offer NFT holders the ability to unlock bonus content such as discount codes, special certificates, higher-resolution media and more. The token will also allow holders to track their status securely and efficiently.

The creation of these tokens was driven by OpenSea’s recognition of redeemable tokens’ potential across industries like gaming, fashion and entertainment. With most profitable NFTs produced by celebrities and creative teams, there is a surge of music corporations, fashion brands and designers that are venturing into the market. This includes brands such as RTFKT STudios, which collected $3.1 million selling crypto collectibles, and The Fabricant fashion house, which hosted a virtual collection with NFT startup Enjin.

“Redeemables are one of the most exciting use cases of NFT technologyβ€” but they lack a standard. So we’re publishing ERC-7496, ERC-7498, SIP-14, and SIP-15 for redeemables and working with the community to ensure they fit the ecosystem’s needs,” OpenSea said on Twitter.

What’s next

Alongside the new standards, OpenSea has also introduced a proof-of-concept NFT to showcase its vision. Named “Burnie the Flame,” the NFT represents its roadmap, with OpenSea saying on Twitter that Burnie the Flame might “evolve.”

“To highlight a preview of our redeemables experience, we’re sharing a proof-of-concept NFT: Burnie the Flame. Mint your Baby Burn egg below, then visit its item page to see the available redeemable,” OpenSea said.

“Keep an eye on himβ€” he may evolve as our product does! “

The roadmap further includes various milestones for OpenSea’s future. The first milestone is integrating on-chain redeemables directly onto the OpenSea platform. The second milestone is the introduction of trait redemptions that allow users to modify specific traits of an NFT without burning it.

The third milestone focuses on off-chain redeemables, linking collection items to real-world redemption experiences like tickets or physical goods. OpenSea is exploring collaborations for no-code solutions to simplify off-chain redemptions for creators.

Royalty tool controversy

Just before releasing the new standards, OpenSea revealed its decision to discontinue its on-chain royalty enforcement tool, Operator Filter, on August 31. It explained that the move was motivated by lackluster support within the NFT ecosystem.

Prominent figures in the NFT community, including Mark Cuban, Yuga Labs, DeadFellaz, and Fvckrender, have raised concerns about the discontinuation of their royalty tool. Notably, Cuban wrote on Twitter, “Not collecting and paying royalties on NFT sales is a HUGE mistake by @opensea. It diminished trust in the platform and hurts the industry.”

Creator royalties from secondary NFT sales typically ranged from 2.5 percent to 10 percent. The cessation of mandatory creator royalties particularly impacts NFT projects reliant on royalty commissions for profitability.

OpenSea has yet to address royalty tool concerns as it focuses on launching the new standards and roadmap.

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