OpenSea Finally Addresses NFT Royalties, but Creators Are Disappointed

Share This Post

For quite some time, NFT creator royalties have been making the rounds in the entire industry. With different opinions from everyone in the industry, it is hard to find a middle ground. But after taking things into consideration, OpenSea is now providing creator royalties to creators on their marketplace. Plus, the On-Chain Operator Filter Registry tool helps people who make new collections for the OpenSea marketplace. 

Quick Take:

  • OpenSea will now give creator royalties to the creators on the platform. 
  • The NFT marketplace recently shared the news via its Twitter handle. 
  • The NFT creators will benefit from the ‘On-chain Operation Filter’ Registry feature. 

Basically, the royalties function started operating on 8th November. As a result, NFT collections minting before 8th November will not get the royalty benefits. However, the NFT collections before this feature will also get the benefit, but not immediately. It might take some time to incorporate the old collections into the new royalty feature. 

“In transparency, the consideration set for what happens after Dec 8 is wide open—[with] options ranging from continuing to enforce off-chain fees for some subsets of collections, to allowing optional creator fees, to collaborating on other on-chain enforcement options for creators,” the marketplace tweeted.

After Magic Eden, OpenSea is Favoring NFT Royalty Collection

Magic Eden, a Solana-based NFT marketplace gives royalties to the creators. OpenSea and Magic Eden are two of the few NFT marketplaces with this feature. Similar to OpenSea, Magic Eden also has an on-chain tool allowing creators to determine if an NFT transaction does not have a creator’s fee. 

After initiating the feature, OpenSea will continue to gain customer feedback. As the NFT marketplace identifies the customer’s opinions, the team will incorporate changes accordingly. 

The NFT creators can add the new on-chain tool code snippet to their NFT contracts. Moreover, with this code snippet, the platforms that do not have a creator’s fee, these NFTs will not be sold. 

This is called on-chain enforcement. Also, OpenSea will not enforce the creator’s fee on their platform for collections that don’t incorporate the on-chain enforcement feature. 

The logic behind this move is the lack of sustainable creator fee enforcement rules at present. Hence, it is essential to understand that the creator fee is an important and innovative aspect of the Web3 space. It will help the creators gain motivation and monetize their work effectively.

Creators’ Response

However, OpenSea’s overall message isn’t resonating as clearly as that single comment, with many NFT creators sounding the alarm on social media over what they believe are misleading comments or unclear intentions over the marketplace’s true path forward.

“OpenSea is losing market share to other marketplaces that are excising creator royalties,” tweeted Bobby “Bobby Hundreds” Kim, co-founder of fashion brand The Hundreds and the Adam Bomb Squad NFT project. “So, this solution is a convenient value proposition. It blocks their competitors AND ensures that artists on their platform get paid on secondary sales.”

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.


Related Posts

Uphold Premiers OTC Trading and Research Solutions for Digital Assets

Yesterday at the 2023 Crypto Valley ConferenceToday, the influential...

Nike and EA Sports to Fuse Fashion and Gaming

Nike Virtual Studios, the sportswear behemoth's digital arm, and...

FEWOCiOUS Teases ‘FeWoS’ NFT Drop of Intriguing Species

Renowned NFT artist FEWOCiOUS just pulled the curtain back...

Japenese Airline ANA Takes Flight with New Blockchain-Based NFT Marketplace

All Nippon Airways (ANA), Japan’s premier airline, is bringing...

Prada Continues to Pioneer Web3 with 42nd Timecapsule NFT Drop

Delving deeper into the realm of Web3 technologies, Prada...

Bitcoin Miladys NFTs Establish an Ethereum-Bitcoin Bridge

Bitcoin Miladys NFTs — a recent non-fungible token project specializing in creating...

Related Posts

Everything About Starbucks NFT Reward Program ‘Starbucks Odyssey’

A Starbucks NFT will reward customers with a trip...

Everything You Need to Know About Bitcoin Ordinal NFTs

Bitcoin Ordinal NFTs are experiencing a significant surge in...

The Ultimate Guide to NFT for Dummies [2022 Guide]

NFTs are collectible items that can represent digital content,...

Ordinals Enable Creation of ‘BRC-20’ Meme Tokens on Bitcoin

Enthusiasm for Bitcoin NFTs intensifies as one individual discovers a way...

Top 10 NFT Marketplaces to Look Out For and Why

How numerous NFT marketplaces make hunting for digital collectibles...

Starbucks NFT Airdrop: The Odyssey Rewards Program’s Unique Initiative

Starbucks, a global coffee giant, ventures into the blockchain...