- Following criticism of the new policies regarding royalties for NFT collection creators, OpenSea announced new changes and modifications to its approach for the purpose of complying with creator royalties and confirmed that it will “continue to apply royalties from creators.” creators in all existing collections”.
- Among the criticisms, it was pointed out that the times to adopt the new tools offered by Open Sea were very short, for this reason the platform announced that it would delay the deadline until January 2 of next year.
On November 7th, the largest NFT market in the market, OpenSea, announced the launch of a on-chain tool that would allow creators to apply creator royalties to new collections on the platform. However, this announcement unleashed a series of criticisms of the platform since the benefits of this new tool does not apply to existing collections.
In response to the OpenSea controversy, on November 9, it announced a series of new changes and modifications to its approach for the purpose of complying with royalties from creators and confirmed that it will “continue to apply creator royalties across all existing collections.”
Criticism of new OpenSea police officers
The poor reception was largely due to the fact that creator royalties are essentially fees attached to the sale of NFTs, typically between 5 percent and 10 percent of the sales value, paid by the seller. to the creators of a certain NFT project.
What is relevant at this point is that for projects that produce a considerable commercial volume, these fees can become an important source of income. Therefore, the rejection of these fees by non-fungible token dealers and in most markets, has begun to reduce said income.
OpenSea creates CORI
One of the changes shown by the digital signature is the creation of the Creator Ownership Research Institute (CORI), an organization focused on monitoring the selection of the list of Ethereum markets blocked by Operator Filter, a new tool developed by OpenSea as well as the policies related to its development, with the aim of enforcing the fees of the NFT creators.
OpenSea noted that CORI formation is the first step to enable a more efficient version (v2) of Operator Filter.
Additionally, ownership of Operator Filter will be transferred to a multi-sig controlled by OpenSea and other leading industry participants, smart contract creators, and NFT marketplaces, such as Nifty Gateway, Zora, Manifold, SuperRare, and Foundation.
This new group of companies will use a multi-signature wallet, the kind that needs more than a single actor to sign a transaction, to make changes to the registry. Likewise, OpenSea wrote on its official Twitter account that, in the same way, it is “andxexpanding the governance of the registry to include more stakeholders, including—critically—voices in the creator community”, implementing decentralized governance.
The objective is clear, to decentralize the management and governance of the registry of tools, according to OpenSea.
OpenSea seeks to boost the industry
The changes made by OpenSea They are focused on incentivizing the industry, with the aim of returning universal compliance of creator fees, with the clear objective that on-chain compliance tools have the possibility of being an option for somehowever, not a requirement for everyone.
It should be noted that OpenSea realized that after the launch of the first operator filter on November 8, not all companies used by NFT creators were able to keep up by making part of the information clear. criticism that the time frame for NFT projects was too short.
These times, too short, caused that some of the new projects that were launched after the announced date and that failed or were able to implement the on-chain tool in their smart contract, were unable to collect fees from the creators of the transactions made. .
Taking this scenario into account, OpenSea noted that it will push back the deadline to January 2 of next year, for each new collection launched on the market-backed EVM-compliant blockchains.
Also, for those creators who wish to opt out of the operator filter, on January 2 OpenSea will launch a feature that allows them to set their royalties. Unlike the chain application tool, the feature will be optional for collectors to comply with.
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