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Retaining Percentage of Future Sales in Perpetuity#1285

Dear OpenSea Team,

Congratulations on your $100M Series B! I know you’ve put a lot of work into this, and I’m glad to see this strengthening of your place in the NFT world because I sincerely appreciate you making your platform more accessible to more people.

I think accessibility, openness, and transparency are key to the fulfillment of human dignity and I think this approach to a blockchain marketplace can help with that.

However, I have a question about something that is very important to me.

Is it possible through your platform to sell an NFT work of art, or any NFT for that matter, and retain a percentage of future sales? This is important for me as an artist, parent, businessperson, and simple homo sapien navigating my way through a world of intellectual property, creativity, and money.

For instance, I would like to sell an NFT work of art and have 10% of all future sales of the work donated to a nonprofit 501(c)3 foundation.

It seems blockchain can make this possible in a rather easy way.

It would be clear and disclosed to any buyer of the work that when/if they ever sell the work they will receive 90% and the foundation would receive 10% (of the net after fees). I would like this to continue into perpetuity so that each buyer knows this, for a work of art that sells for $100,000 this year may sell for $1M sometime in the future.

Again, congratulations on your success and I sincerely hope there is a way for creatives to retain, donate, and control royalties or residuals on the works they create and choose to sell.

Cordially,
Paul

3 months ago

Hi - yes, that is certainly possible. In the settings for the collection you can specify a royalty percentage up to 10% and then designate the wallet address where those royalties should be paid (in perpetuity).

3 months ago