News Report
November 10, 2022

OpenSea changes its stance on royalties, continues to impose creator fees on all NFT collections 

OpenSea announces potential optional royalties

NFT marketplace giant OpenSea has announced it will still enforce creator royalties on all collections after recent backlash from the community. 

On Saturday, the largest NFT trading platform disclosed the matter of creator royalties for NFT sales. OpenSea was reconsidering whether or not to enforce these royalties on the platform.

The company later decided to ask the community its opinion on three different scenarios: making the fees optional for traders, enforcing fees on specific collections, or implementing new enforcement methods. The feedback was unfavorable; creators and artists did not like the idea of not collecting any secondary sale payments on OpenSea. Royalties usually oscillate between 3% and 10% of the total sale value of an NFT. 

Creators such as Yuga Labs expressed their discontent with OpenSea’s consideration. Streetwear brand The Hundreds canceled an NFT drop on the marketplace to remind the company that “artists are always in control.”

OpenSea heard the message “loud and clear” but showed data confirming the downward trend of the average percentage of royalty fees by the top 20 NFT collections. 

“Unless something changes soon, this space is trending toward significantly fewer fees paid to creators. No policy that we implement will reverse this trend if this behavior continues,”

OpenSea wrote

Last week, the marketplace pointed out that over $1 million in royalties weren’t allocated to creators. OpenSea gave the following steps as to how creators could receive incentive royalties throughout the space: 

  • Build paths to on-chain enforcement for existing collections. 
  • Develop incentives for communities to keep paying fees. 
  • Refuse to link royalty-free marketplaces on the project’s website. 

As for other Ethereum marketplaces, LooksRare, Sudoswap, and X2Y2 have all eliminated or made creator royalties optional during the ongoing crypto winter. This was one of the main reasons OpenSea considered the change in the first place. 

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Hot Stories
Join Our Newsletter.
Latest News

Supply and Demand Zones

Cryptocurrency, like any other currency, is a financial instrument based on the fundamental economic principles of supply ...

Know More

Top 10 Crypto Wallets in 2024

With the current fast-growing crypto market, the significance of reliable and secure wallet solutions cannot be emphasized ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Parcl Unveils Tokenomics Ahead of PRCL Launch, Allocates 75M Tokens to Point Holders
News Report Technology
Parcl Unveils Tokenomics Ahead of PRCL Launch, Allocates 75M Tokens to Point Holders
March 28, 2024
Circle to Introduce Native USDC On zkSync Network for Enhanced Liquidity
News Report Technology
Circle to Introduce Native USDC On zkSync Network for Enhanced Liquidity
March 28, 2024
GoPlus Report Unveils How Utilization of API Security Data by Blockchain May Communities May Aid in Addressing Web3 Threats
News Report Technology
GoPlus Report Unveils How Utilization of API Security Data by Blockchain May Communities May Aid in Addressing Web3 Threats
March 28, 2024
Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services
News Report Technology
Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services
March 28, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.