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OpenSea Pledges to Enforce NFT Royalties After Creator Backlash

in a nutshell

  • NFT marketplace OpenSea announced this afternoon that it will continue to enforce royalty fees for creators.
  • The platform said on Saturday it would consider making it an option for traders after rival markets rejected them.

largest open sea NFTs Marketplace announced today that it will continue to impose creator royalties on NFTs after significant community opposition.

“We will continue to impose a creator fee on all existing collections,” the company said. wrote in the twitter thread“We’ve been in awe of the passion we’ve seen from creators and collectors this week. We’ve been looking for your feedback and we’ve heard it clearly.”

On Saturday OpenSea will reconsider its policy In the direction of enforcing creator loyalty on NFTs, it looks like this: waves of rival markets Rejected such fees or made them optional for traders to pay. Royalty fees are set by the artist or creator of his NFT and are typically between his 5% and 10% of the secondary sale price.

OpenSea has voluntarily set a deadline of December 8th to incorporate community feedback and consider possible courses of action. This included making the trader’s creator fee optional, enforcing it only for some types of his NFT collections, or implementing new enforcement methods.

The possibility that the market’s largest NFT platform would stop enforcing royalties was unacceptable to many prominent creators. Yuga Labs, Creator of Bored Ape Yacht Club— They opposed OpenSea and began to organize among themselves.

On Tuesday, prominent streetwear brand The Hundreds announced enhanced support. Canceled scheduled OpenSea NFT drop this week. “May it remind them, you, and the world that artists are always in control,” the company’s founder wrote.

As the tweet indicates, OpenSea received a “loud and clear” message from the community.of $13.3 billion Web3 startup “We are seeking guidance from our community,” it explained, but noted that the share of creator royalty fees across the market has been declining in recent weeks as the royalty-denial market gains momentum. I pointed out the data shown.

“Unless something changes soon, the space will tend to see significantly lower commissions paid to creators,” OpenSea wrote. “If this behavior continues, the policies we are implementing will not reverse this trend.”

OpenSea encouraged creators to create additional incentives for traders to respect their loyalties and point them to a market that respects them. I also pointed out the implementation of additional coercion methods.

OpenSea announced on Saturday Royalty Enforcement System For newly created NFT projects built around a blacklist that blocks listed marketplaces from processing those transactions. This method targets marketplaces that are one of OpenSea’s biggest competitors, he completely unenforced royalty fees.

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