OpenSea to enforce creator royalties on all collections after community outcry

The NFT Marketplace has clarified its stance on creator royalties after receiving significant public backlash following a previous article.< /p> New

NFT Marketplace OpenSea has announced that it will continue to charge royalties on all collections going forward, following an outcry from creators earlier this week for considering otherwise.

On November 7, OpenSea announced the launch of an on-chain tool allowing creators to apply royalties for any new collections on the platform, but did not offer the same to existing collections.< /p>

At the time, the market said it would consider options ranging from enforcing off-chain fees for "certain subsets of collections", to "allowing optional fees for creators", to "collaborating with other on-chain app options for creators". ."

The announcement saw a significant community reaction, urging OpenSea to clarify its position, noting that the message was unclear, while others took issue with its suggestion of "optional creator fees ".

Some NFT creators, such as Bobby Kim, co-founder of The Hundreds, said on November 9 that they had decided to cancel the release of their upcoming collection of non-fungible tokens (NFTs) on OpenSea, noting that they were "waiting to see if OpenSea would take a stand to preserve creator royalties for existing collections."

"Unfortunately, this announcement did not come in time," he said.

On November 8, the founders of the Bored Ape Yacht Club (BAYC), including Wylie Aronow, Greg Solano and Kerem Atalay, weighed in on the debate in a blog post, sharing that OpenSea's switch was " not great" and shows intent "to move with the rest of the herd and remove creator royalties for legacy collections from their platform."

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