OpenSea reveals potential changes regarding optional royalties for creators.
In Brief
OpenSea rolls out an update related to royalties.
Starting November 8, creators will have the ability to exclude marketplaces that don’t enforce royalties.
Following the trend set by NFT marketplaces like Magic Eden, LooksRare, Blur, and X2Y2, OpenSea has acknowledged the growing importance of optional royalties in the NFT sector. After some silence, the executives finally shared their insights on this evolving landscape last Sunday.
In response to these developments, OpenSea is introducing a feature that enables on-chain enforcement of creator fees. This new tool will allow artists to block marketplaces that fail to uphold royalty payments. Essentially, the platform aims to empower creators by giving them greater control over their revenue models.
We understand that not all artists, NFT collections, and communities are identical, and we aim to develop a long-term policy that acknowledges this diversity.
states the announcement .
The feedback within the community regarding this new update is quite mixed, and OpenSea is keen to engage in discussions to better grasp user perspectives before finalizing the feature.
Starting from November 8, at 12 PM ET, users will be able to assign optional royalties when minting their new NFT collections. OpenSea is committed to ensuring that creators can stipulate their own royalty structures, and users will have the opportunity to incorporate specified code into their collections. instructions OpenSea plans to implement a similar update for existing NFT collections post-December 8.
There's been extensive dialogue lately surrounding the financial models available for NFT creators and the sustainability of creator fees, also known as royalties.
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Disclaimer
In line with the Trust Project guidelines Valeria is a journalist for Metaverse Post, specializing in fundraising, AI, the metaverse, digital fashion, NFTs, and every aspect of web3.
