OpenSea Announces Optional Fees for NFT Creators

OpenSea and optional fees for NFT creators

OpenSea has announced that starting from August 31, it will switch to optional fees for NFT creators. Here are the key points:

– OpenSea will sunset the OpenSea Operator Filter, which restricted the sale of collections to web3 marketplaces that charge creator fees.
– Optional creator fees will be implemented on all secondary sales for new collections.
– Existing collections currently using the Operator Filter will have their creator rates applied until February 29, 2024. After that date, creator rates will be optional.
– The same applies to all existing NFT collections on non-Ethereum blockchains.
– OpenSea is updating the user interface to improve visibility of creator fee settings and listings for buyers and sellers.

OpenSea: NFT marketplace abolishes Operator Filter

OpenSea wanted to clarify that the Operator Filter did not work. Key points include:

– The Operator Filter was a tool that restricted the sale of collections to web3 marketplaces that charge creator fees.
– It was launched in November 2022 but did not receive the required consent from the Web3 ecosystem.
– OpenSea integrated Operator Filter oversight from CORI (Creator Ownership Research Institute) but it still did not function effectively.

The integration of the Zora network

OpenSea recently added support for the Zora network, which aims to minimize costs for creators and support media and culture. Key points:

– The Zora network is supported by more than 45 platforms.
– It was launched on June 21 and has gained traction in a short period of time.
– Platforms such as Sound, Mint.Fun, Galley, Highlight, and Rainbow are among those supporting the Zora network.

Hot Take:

OpenSea’s decision to switch to optional fees for NFT creators is a significant move that gives creators more flexibility and control. The abolishment of the Operator Filter highlights the challenges of implementing such restrictions in the Web3 ecosystem. The integration of the Zora network further expands OpenSea’s reach and supports the growth of creators in the NFT space. Overall, these updates demonstrate OpenSea’s commitment to adapting to the evolving needs of the crypto community.