Thursday, September 28, 2023
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OpenSea makes changes for creator royalties following pushback

OpenSea, an NFT marketplace, recently announced measures regarding digital asset royalties. This includes tools that users can use to prevent assets from being traded where royalties are not permitted.

While that approach was widely accepted, it wasn’t positive for many people, and many complaints prompted the company to change its policy.

The news comes at about the same time that loyalties are under heavy pressure as platforms slash fees to lure traders.

Due to the oversupply of the NFT market, platforms are trying to attract customers.

For starters, royalty is the associated fee paid to the creator of the NFT each time it is sold. These fees typically range from 5-10% of the final sale price. Royalties are a valuable source of income for creators and projects, which is why there has been so much opposition to their removal.

In a Twitter thread, OpenSea revealed some adjustments regarding royalty changes. This includes the establishment of the Creator Ownership Research Institute. This is the group that oversees the curation of blocked Ethereum marketplaces under “operator filters”.

Among these marketplaces within CORI is OpenSea, along with many other smart contract projects. These companies use multisig wallets to collaborate and make changes to the broader registry. In the tweet stream, OpenSea added that it will expand the governance of this registry by adding additional stakeholders.

Following the announcement, the company said it would continue to enforce royalties, but projects added after November 8 will not receive royalties on OpenSea.

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