Instead, users needed to choose one platform to earn full royalties on. OpenSea’s policies were framed in a way that didn’t allow creators to earn full royalties on Blur and OpenSea simultaneously. However, by some accounts, OpenSea was the one who started this war. Ultimately, the announcement comes just days after the NFT marketplace Blur, one of OpenSea’s top competitors in the space, published a blog post that told users to block OpenSea. So if one must go, the marketplaces will chose to drop creator royalties. Buyers don’t want to pay royalties, and marketplaces want buyers. In their thread, the company stated that reports from Dune analytics reveal that 80 percent of total NFT trading volume is attributed to zero-fee platforms. However, this move is part of a wider shift across Web3 - one that favors NFT collectors at the expense of creators.īut why have marketplaces shifted in this direction? According to OpenSea, the numbers tell a simple tale. These announcements may come as a surprise. This is a serious problem for many project creators, as royalties from sales are how most generate revenue following their initial token sale.įinally, OpenSea stated that marketplaces with similar policies would not be blocked by the platform’s operator filter.Ģ) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new)ģ) Marketplaces with the same policies will not be blocked by the operator filter- OpenSea FebruMarketplaces and collectors vs creators? In other words, buyers are now free to decide whether or not they want to honor a creator’s royalty preferences. Following up on a controversial plan that the company unveiled back in November, the marketplace said it will be moving projects that don’t use on-chain enforcement tools - which is basically every project created before 2023 - to optional royalties.
In a Twitter thread, the company stated that the 2.5 percent fee that is tacked on to every transaction on OpenSea would be dropped to zero for a limited time.
Without warning, they unveiled significant changes to their creator royalty and fee structure - changes that will have a dramatic impact on both collectors and creators who use the platform. On Feburary 17, 2023, the world’s largest NFT marketplace, OpenSea, made major waves throughout Web3.
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