OpenSea introduces a royalties update
Starting from November 8, creators will have the option to blacklist marketplaces that do not require royalties payment
The Trust Project is a worldwide group of news organizations working to establish transparency standards.
Following NFT marketplaces Magic Eden, LooksRare, Blur, and X2Y2, which have recently switched to the optional royalties model, OpenSea considered the importance of the new wave in the NFT space. The largest marketplace’s execs remained silent for a while and, on Sunday, finally shared their opinion on the trend.
As a response to the market, OpenSea announced a new tool for on-chain enforcement of creator fees. The update will let creators blacklist marketplaces that do not require royalties payment. Generally speaking, the marketplace aims to build a tool that would balance the scales “by putting more power in creators’ hands to control their business model.”
“We recognize not all creators, collections, and communities are the same and we are looking to create a long-term policy that reflects that,”states the announcement.
Notably, the community has different opinions on the update, and OpenSea remains open for discussion. The organization is not yet sure about the feature’s outcome and tries to understand users’ points of view.
Starting from November 8, 12 PM ET, users can set optional royalties when minting new NFT collections. OpenSea believes that creators should have the opportunity to set the royalties, so users will be able to add the code to their collections following the instructions provided by the marketplace. The marketplace will also launch additional tools in the coming months.
OpenSea plans to roll out the same update for existing NFT collections after December 8.
Read related posts:
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.