OpenSea to enforce creator royalties on all collections after community outcry
NFT marketplace OpenSea has announced it will continue to enforce royalties across all collections going forward, following outcry from creators earlier this week for considering otherwise.
On Nov. 7 OpenSea announced they were launching an on-chain tool allowing creators to enforce royalties for any new collections on the platform, but stopped short of offering the same to existing collections.
At the time, the marketplace said it would be considering options ranging from enforcing off-chain fees for “some subsets of collections,” to “allowing optional creator fees,” to “collaborating with other on-chain enforcement options for creators.”
The announcement saw significant pushback from the community, urging OpenSea to clarify its stance, noting the messaging was unclear, while others took issue with its “optional creator fee” suggestion.
Some NFT creators, such as Bobby Kim, co-founder of The Hundreds on Nov. 9 said they had decided to cancel the release of their upcoming NFT collection on OpenSea, noting they were "waiting to see if OpenSea would take a stand to preserve creator royalties for existing collections."
"Unfortunately, that announcement has not arrived in time," he said.
On Nov. 8, Bored Ape Yacht Club (BAYC) founders including Wylie Aronow, Greg Solano and Kerem Atalay chimed in on the debate in a blog post, sharing that the move from OpenSea was “not great” and shows its intent “to move with the rest of the herd and remove creator royalties for legacy collections from their platform.”
Related: Magic Eden defends launch of NFT royalty enforcement tool
OpenSea appears to have heard the criticisms, and as part of a Nov. 9 post on Twitter, confirmed it will "continue to enforce creator fees on all existing
Read more on cointelegraph.com
