OpenSea Implements Changes to Creator Fees on NFT Marketplace
The major NFT marketplace OpenSea has announced changes that make creator fees optional for new collections. The platform will retire the Operator Filter, which enforced creator royalties, and instead, move to optional royalties for all NFT sales on the secondary market. Existing NFT collections that already use the Operator Filter will have preferred royalties enforced until February 29, 2024. OpenSea’s co-founder and CEO, Devin Finzer, stated that the changes are effective from August 31.
Key Points:
- Creator fees on OpenSea’s platform will now be optional for new collections.
- Existing NFT collections using the Operator Filter will have preferred royalties until February 29, 2024.
- The changes aim to give NFT collectors and creators more choice and control over their NFTs.
- OpenSea sees its role as empowering innovation beyond a single use case or business model.
- OpenSea is currently the second largest NFT marketplace by 30-day trading volume.
Hot Take:
OpenSea’s decision to make creator fees optional reflects the importance of choice and control in the NFT ecosystem. By removing the Operator Filter and allowing users to decide on royalties, OpenSea empowers both collectors and creators. This move aligns with the platform’s goal of fostering innovation and expanding revenue streams for NFT creators. OpenSea’s position as the second largest NFT marketplace demonstrates its continued dominance in the industry.
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