👉 This EIP allows an EIP-721 token to become buyable and to specifically enforce royalties as a percentage, directly on-chain, without entrusting a third-party. A decentralized marketplace can be built around this interface.
Fully on-chain transaction condition
They wanted to make it possible for a token to be sold and buyable within its own contract so that their holders don’t have to interact with any other third parties and take the risk of being affected by a vulnerability within the selling condition as it was recently seen with Opensea that had their marketplace conduct off-chain listing in order to save gas. A middleman (whether on-chain or off-chain) sometimes adds unnecessary extra steps + approvals when the blockchain actually allows direct peer-to-peer exchanges with total trust thanks to the conditions written in the smart-contract.
Regarding the royalties payment, NFT creators rely on marketplaces like OpenSea & Rarible to collect it when their creations are sold. Over time, we discussed the idea of making this entire process completely decentralised. With such solution, artists would be allowed to 100% enforce their due royalties without taking the risk of trusting a marketplace to pay them directly nor having to specify to each marketplace one by one the % they want to collect while being constrained to be capped. Our solution by being able to directly sell a token onchain makes it easy to do just that.
See more at the Specification on github.