OpenSea Deactivates Royalty Enforcement Tool for NFT Creators
Main Points:
- OpenSea is deactivating its royalty enforcement tool, Operator Filter, which allowed NFT creators to blacklist marketplaces that did not enforce royalties.
- Starting August 31, creators can instead specify optional fees for each sale of their NFTs.
- The Operator Filter received pushback and violations from creators and other NFT marketplaces, limiting creators’ control over their NFTs.
- OpenSea is diversifying its business model and revenue streams to support creators and plans to enable new use cases for NFT technology.
- OpenSea reduced its royalty requirement and temporarily eliminated sales fees to compete with other NFT marketplaces.
Hot Take:
OpenSea’s decision to deactivate the royalty enforcement tool reflects the challenges faced in enforcing creator royalties in the NFT ecosystem. By shifting to optional fees and diversifying its revenue streams, OpenSea aims to support creators and maintain its market dominance.
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