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Anvi Saini
Anvi Saini
Aug 19, 2023
News

OpenSea to Stop Enforcing Creator Royalties on Secondary Sales

OpenSea, once the leading NFT marketplace, has announced plans to make creator royalties optional for secondary NFT trades, a move that has sparked reactions from the NFT community.
OpenSea to Stop Enforcing Creator Royalties on Secondary Sales

OpenSea's Shift on Creator Royalties

In a recent development, OpenSea, a prominent NFT marketplace, declared that it would cease enforcing creator royalty fees on secondary sales of NFTs. Starting from August 31, artists listing new projects on the platform won't be able to mandate buyers to pay a creator fee, which usually ranges between 2.5% to 10% for secondary NFT sales. Instead, artists can only suggest their preferred creator fee, which buyers can opt to pay as a form of gratuity. 

Existing collections on non-Ethereum blockchains and those using OpenSea’s Operator Filter will still be able to ensure creator fees until February 29, 2024. After this date, NFT creator fees will become entirely optional across the platform. OpenSea's co-founder and CEO, Devin Finzer, emphasized that creator fees aren't disappearing but the unilateral enforcement of them is.

The NFT Marketplace Landscape

The decision by OpenSea is seen as a response to the evolving dynamics of the NFT industry. Newer NFT marketplaces have emerged, offering reduced or no creator royalties, thereby attracting significant trading volumes. One such platform, Blur, adopted a free-market approach and soon surpassed OpenSea in trading volume. 

This shift prompted OpenSea to reconsider its royalty fee protections to stay competitive. The removal of enforced creator fees by OpenSea is indicative of the platform's ongoing efforts to maintain its user base amidst rising competition.

Reactions from the NFT Community

OpenSea's announcement has elicited varied reactions from the NFT community. While some NFT marketplaces that still enforce creator royalties criticized the decision, notable NFT artists and project creators expressed their disapproval on social media platforms. 

John Crain, SuperRare's co-founder and CEO, commented that royalties on secondary sales are crucial to the NFT art revolution and are fundamental to artist sovereignty.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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