OpenSea Decides to Enforce Creator Fees on All NFT Collections November 10, 2022 November 10, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 10, 2022 by Kelly Cromley

OpenSea Decides to Enforce Creator Fees on All NFT Collections

OpenSea said on November 7 that they will publish an on-chain solution that would allow authors to enforce royalties on all fresh releases on the marketplace, but they abstained from treating the current collections in the same manner.

At the moment, the company claimed that it will investigate solutions such as “enabling voluntary creator charges,” “imposing off-chain fees for select subgroups of collections,” and “partnering with various on-chain implementation methods for makers.”

The statement was heavily criticized by the community, with some members urging OpenSea to explain its stance due to its vague wording, and rest of them objecting to the concept of a “voluntary creator charge.”

Bobby Kim, co-founder of The Hundreds, and many other NFT producers declared on November 9 that they refrain from distributing their next NFT series on OpenSea as a result of “waiting to see whether OpenSea will take a position to maintain creator payments for current series.”

The creators of Bored Ape Yacht Club (BAYC), namely Wylie Aronow, Greg Solano, and Kerem Atalay, chimed in on the topic in a medium post on November 8. They stated that the choice to quit OpenSea was “not ideal” and disclosed the firm’s plan to “follow the herd and eliminate creator compensation for older works from their site.”

The NFT portal appears to have taken notice of the concerns, since on November 9 it tweeted that it will “resumeo imposing creator fees on all current collections.” We were seeking your input, and we got it loud and clear, as per the portal, which said that it was “amazed by the enthusiasm we’ve witnessed from both artists and investors this week.”

“In conclusion, we are at a constructive tipping point: if every member of this network who feels that creator charges are crucial to our future unites on this issue, we WILL guarantee that charges are sustainable.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.