OpenSea has made their stance on creator royalties crystal clear.
Earlier, Opensea didn’t expand NFT royalty initiative to existing collections.
marketplace OpenSea has confirmed that it will continue to impose royalties across all collections in the future.
On November 7, OpenSea announced the launch of an on-chain tool that will allow creators to impose royalties for any new collections on the platform, but did not extend the same to existing collections.
At the time, the marketplace stated that it was evaluating solutions such as enforcing off-chain fees for certain subsets of collections. Also, enabling optional creator fees, and partnering with other on-chain enforcement options for creators.
The announcement drew strong criticism from the community, with many encouraging OpenSea to clarify its position and pointing out that the messaging was unclear, while others criticised the "optional creator fee" suggestion.
Some NFT creators, such as Bobby Kim, co-founder of The Hundreds, said on November 9 that they had opted to cancel the release of their scheduled NFT collection on OpenSea. Kim stated that “they were waiting to see if OpenSea would take a stand in order to protect creator royalties for existing collections.”
“Unfortunately, the announcement did not arrive on time,” he stated.
On Nov. 8, BAYC founders Wylie Aronow, Greg Solano, and Kerem Atalay chimed in on the debate in a blog post, noting that the move from OpenSea was "not fantastic" and demonstrates the company's intent to follow the herd and remove creator royalties for legacy collections from their platform.
OpenSea appears to have heard the criticisms, as it stated in a Nov. 9 tweet that it will continue to levy creator fees on all existing collections.
This week's enthusiasm from creators and collectors alike has left OpenSea in amazement. “We were looking for your feedback, and we heard it clearly.”
What do you think about NFT royalties? Share your views in the comment section below.
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