Summary

OpenSea has released a blog post about a new blocklist feature intended to enforce creator fees on secondary sales.

This is a proposal to migrate to a new contract that attempts to enforces creator fees on chain using the OpenSea OperatorFilterRegistry tool. This will allow us to support OpenSea's blocklist and remain eligible for creator fees from secondary sales on OpenSea.

Motivation

OpenSea has stated that they will not support creator fees for new collections that don't use the OperatorFilterRegistry tool. Loot currently has a 5% creator fee, which may be lost if we don't migrate to a new contract.

Specifications

The new contract will be deployed to Ethereum mainnet. Existing Loot holders will be able to migrate their Loot to the new contract by calling a function on the new contract. The migrate function will burn the legacy Loot and mint new Loot on the new contract with the same ID. Migrating will be free and just cost gas.