NFT-based OpenSea to continue enforcement of royalties on all collections post community outcry | The Financial Express

NFT-based OpenSea to continue enforcement of royalties on all collections post community outcry

NFT-based OpenSea to continue enforcement of royalties on all collections post community outcry

NFT-based OpenSea to continue enforcement of royalties on all collections post community outcry
NFT creators such as Bobby Kim, co-founder, The Hundreds, mentioned about deciding to cancel the release of their NFT collection on OpenSea

Non-fungible token (NFT) marketplace OpenSea has made the announcement about continuing to enforce royalties across all collections going forward, post an outcry from creators in this week, as reported by Cointelegraph.

According to Cointelegraph, on November 7, 2022, OpenSea made the announcement of unveieling an on-chain tool permitting creators to enforce royalties for any new collections on the platform. It is believed that the marketplace stated about considering options ranging from enforcing off-chain fees for “some subsets of collections,” to “allowing optional creator fees,” to “allowing optional creator fees,” to “collaborating with other on-chain enforcement options for creators.”

On the basis of information by Cointelegraph, the announcement received a pushback from the community, urging OpenSea to put a clarification on its stance, highlighting around the uncertainty of the messaging, while others expressed their issues with its “optional creator fee” suggestion. On November 9, 2022, NFT creators such as Bobby Kim, co-founder, The Hundreds, mentioned about deciding to cancel the release of their NFT collection on OpenSea, stating they were “waiting to see if OpenSea would take a stand to preserve creator royalties for existing collections.” 

Moreover, Cointelegraph noted that OpenSea seems to have taken into account the criticisms and gave the confirmation that it will “continue to enforce creator fees on all existing collections” as well. According to the marketplace, they “will start open-sourcing our data on creator fees in the upcoming weeks for everyone to use.”

(With insights from Cointelegraph)

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First published on: 10-11-2022 at 17:07 IST