OpenSea, a non-fungible token (NFT) marketplace, will close Operator Filter, its on-chain royalty enforcement tool, which allows creators to blacklist NFT marketplaces that don’t enforce royalties, stated Cointelegraph.
According to an August 17, 2023, announcement made by Devin Finzer, founder, CEO, OpenSea, the new regulations are expected to be executed on August 31, 2023.
“We have heard from some creators that the Operator Filter limits their sense of control over where their collections are sold, and at the same time may collide with a collector’s expectation of full ownership,” Devin Finzer explained.
Sources revealed that as per the new regulation starting from August 31, 2023, the Operator Filter will no longer block any marketplaces. Furthermore, for the collections using the tool and for existing collections on non-Ethereum blockchains, the creator’s preferred fees will be continued till February 29, 2024, Cointelegraph concluded.
(With insights from Cointelegraph)