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NFTs News

OpenSea Will Require Creator Royalties For All Collections

November 9, 2022 - Around 2 mins mins to read

OpenSea, an NFT marketplace, has responded to complaints from creators earlier this week by announcing it will continue to enforce royalties across all collections moving forward.

OpenSea Will Require Creator Royalties For All Collections

On November 7, OpenSea made the announcement that they would be releasing an on-chain tool that would enable authors to impose royalties for any new collections on the platform, but they refrained from doing the same for current collections.

The exchange stated at the time that it will be looking into solutions such as “enabling optional creator fees,” “enforcing off-chain fees for select subsets of collections,” and “collaborating with other on-chain enforcement methods for creators.”

OpenSea to explain its ambiguous language and others

OpenSea Will Require Creator Royalties For All Collections

Bobby Kim, co-founder of The Hundreds, and other NFT creators announced on November 9 that they had opted not to distribute their future NFT collection on OpenSea because they were “waiting to see if OpenSea will take a stand to maintain creator payments for existing collections.”

He remarked, “Unfortunately, that news did not come in time.

In a blog post published on November 8, the founders of Bored Ape Yacht Club (BAYC), including Wylie Aronow, Greg Solano, and Kerem Atalay, weighed in on the discussion. They said that the decision to leave OS was “not great” and revealed the company’s intention “to follow the crowd and remove creator royalties for legacy collections from their platform.”

OpenSea appears to have taken note of the complaints and announced in a tweet on November 9 that it would also “continue to enforce creator fees on all existing collections.”

OpenSea reported it as “We have been astounded by the passion this week from both creators and collectors. We listened intently to your comments while we were looking for it.”

The market “will start open-sourcing our data on creative fees in the near weeks for everyone to access,” according to the marketplace.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
NFTs News

OpenSea Will Require Creator Royalties For All Collections

OpenSea, an NFT marketplace, has responded to complaints from creators earlier this week by announcing it will continue to enforce royalties across all collections moving forward.

OpenSea Will Require Creator Royalties For All Collections

On November 7, OpenSea made the announcement that they would be releasing an on-chain tool that would enable authors to impose royalties for any new collections on the platform, but they refrained from doing the same for current collections.

The exchange stated at the time that it will be looking into solutions such as “enabling optional creator fees,” “enforcing off-chain fees for select subsets of collections,” and “collaborating with other on-chain enforcement methods for creators.”

OpenSea to explain its ambiguous language and others

OpenSea Will Require Creator Royalties For All Collections

Bobby Kim, co-founder of The Hundreds, and other NFT creators announced on November 9 that they had opted not to distribute their future NFT collection on OpenSea because they were “waiting to see if OpenSea will take a stand to maintain creator payments for existing collections.”

He remarked, “Unfortunately, that news did not come in time.

In a blog post published on November 8, the founders of Bored Ape Yacht Club (BAYC), including Wylie Aronow, Greg Solano, and Kerem Atalay, weighed in on the discussion. They said that the decision to leave OS was “not great” and revealed the company’s intention “to follow the crowd and remove creator royalties for legacy collections from their platform.”

OpenSea appears to have taken note of the complaints and announced in a tweet on November 9 that it would also “continue to enforce creator fees on all existing collections.”

OpenSea reported it as “We have been astounded by the passion this week from both creators and collectors. We listened intently to your comments while we were looking for it.”

The market “will start open-sourcing our data on creative fees in the near weeks for everyone to access,” according to the marketplace.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News

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