NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » OpenSea Introduce Optional Creator Royalties

    OpenSea Introduce Optional Creator Royalties

    By James EllisNovember 6, 2022Updated:January 18, 20234 Mins Read
    Contents hide
    Creator royalties support NFT artists
    How will OpenSea optional creator royalties work?
    NFT community members speak out against new OpenSea creator royalties plan

    In a Twitter thread this morning, OpenSea, the leading NFT marketplace, announced new optional creator royalties. As the biggest NFT marketplace by some margin, how OpenSea operates impacts the wider NFT space. The detailed Twitter thread has opened up a massive debate in the NFT community and signals a major change in the web3 NFT ecosystem. In recent months, OpenSea has remained quiet about the topic but has now finally spoken out.

    OpenSea logo creator optional royalties
    OpenSea has introduced a new creator royalties system.

    The OpenSea platform has told users that they are launching a tool for on-chain enforcement of creator fees (royalties) for new NFT collections, starting Tuesday, November 8th, alongside other changes. The month-long ‘test’ will determine whether OpenSea cut creator royalties for existing collections in the long term and whether they move to an optional royalties system.

    Creator royalties support NFT artists

    Royalties are the fees that NFT artists earn every time their work changes hands. This means that creators are paid for their art, even on secondary sales. For artists, this is hugely important and gives them more financial freedom to create and produce great art.

    Creator Royalties has been an industry standard across the web3 space almost since the beginning, including on OpenSea. Many believe this is an essential feature of web3 and rewards those who create art, not art collectors.

    In recent months, various marketplaces have begun to reconsider the model and look at alternative ways to operate. LooksRare, the Ethereum NFT marketplace, and Magic Eden, a Solana NFT marketplace, have changed to an ‘optional royalties’ model.

    Many artists in the NFT space are furious about the move. NFT artist and influence Amber Vittoria tweeted earlier today about the situation. Amber said, “Society often values art more than the artist. Web3 was the glimmer of hope that society could also value the artist (while we are alive) as well. Disappointed to see that hope dim by the day.”

    How will OpenSea optional creator royalties work?

    On Tuesday, November 8th, OpenSea is testing an ‘on-chain enforcement tool.’ This is a simple code snippet that creators can add to future NFT contracts and existing upgradeable contracts. It also restricts NFT sales to NFT marketplaces that enforce creator royalties.

    Furthermore, OpenSea will not enforce creator royalties for new collections that don’t opt-in to use the on-chain enforcement tool. OpenSea also stated that they won’t change existing NFT collections until “at least December 8th.”

    In a blog post describing why they have made this decision, OpenSea CEO Devin Finzer said, “It’s become clear that the current mechanics of creator fee enforcement are not sustainable—not for the marketplaces who enforce them, and, more importantly, not for creators themselves.”

    In the long and detailed thread, OpenSea also spoke about what will happen after the self-imposed date of December 8th. They said that for transparency, all options are on the table for the future of creator fees. Optional creator fees on OpenSea are one of the options that they will explore.

    image of a jar with money
    NFT royalties support artists and allow them to keep working.

    NFT community members speak out against new OpenSea creator royalties plan

    Some of the most famous artists in the NFT space are already speaking out against the new plans by OpenSea. Amber Vittoria, BobbyHundreds, Betty_NFT (creator of Deadfellaz), and others, have all raised concerns on Twitter. 

    @betty_nft stated, “After speaking with @opensea, it feels like there is no plan, and no clear answers were given regarding existing collections & artist’s royalties. Communication has been misleading, and facts are not there. Speak up if you feel a certain way about this because it has an impact.”

    OpenSea is the biggest NFT marketplace in the world, and how they move forward with creator royalties will significantly impact the web3 world. One thing is clear; they must take the time to listen to artists who create the NFTs sold on their marketplace.

    Finally, without artists’ freedom to create art, the space will not exist. Moreover, the ‘community feedback’ that OpenSea states they are listening to is vital for the future relationship between creators and the marketplace.

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    NFT artistNFT MarketplaceOpenSea
    Previous ArticleHennessy x Friends With Benefits DAO To Launch Café 11 NFT Collection
    Next Article Solana’s two biggest NFT Names Clash in Online Feud
    James Ellis
    • Twitter

    James is an English teacher and freelance writer with a passion for NFTs, football, film and technology.

    More great NFT Evening content:

    National Geographic NFTs Turn Into a National Failure

    January 31, 2023

    Warner Music Group Launches a DJ Contest in The Sandbox

    January 31, 2023

    Sorare Partner With The English Premier League To Release NFTs

    January 31, 2023

    OneFootball To Drop “Tifosi Selection” NFT Collection Honouring Italian Football Fans

    January 30, 2023

    Doodles Hires A New Advisor For The DoodleBank

    January 29, 2023

    Gordon Goner (Wylie Aronow) Steps Down From Yuga Labs Core Team

    January 29, 2023

    Nike .SWOOSH Platform Will Let Users Create Custom Wearables

    January 29, 2023

    NFT Influencer Break Up Raises Suspicions About Barkmeta

    January 28, 2023
    Latest NFT News

    National Geographic NFTs Turn Into a National Failure

    January 31, 2023

    Warner Music Group Launches a DJ Contest in The Sandbox

    January 31, 2023

    Sorare Partner With The English Premier League To Release NFTs

    January 31, 2023

    Avalanche Park x Ed Balloon Concert Series to Highlight NFT Musicians

    January 30, 2023

    OneFootball To Drop “Tifosi Selection” NFT Collection Honouring Italian Football Fans

    January 30, 2023

    Metaverse Tokens MANA and SAND Still on the Rise

    January 30, 2023

    Gutter Cat Gang Give Out Credentials Based On How Many NFTs Held

    January 30, 2023

    Doodles Hires A New Advisor For The DoodleBank

    January 29, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.