The NFT Market OpenSea has announced that it will continue to apply creator royalties to all collections in the future, following protests from creators earlier this week that they felt otherwise.
On November 7, OpenSea announced that it would launch an on-chain tool that would allow creators to apply creator royalties to new collections on the platform, but it did not offer the same to the existing collections.
At the time, the platform said it would consider options ranging from enforcing off-chain fees for “some subsets of collections,” to “allowing optional fees for creators” and “collaborating with other on-chain enforcement options to the creators”.
The announcement was the subject of a significant rejection by the community, which urged OpenSea to clarify its position, noting that the message was unclear, while others took issue with his “optional fee for creators” suggestion.
Some NFT creators, such as Bobby Kim, co-founder of The Hundreds, said on November 9 that they had decided cancel the launch of its upcoming non-fungible token (NFT) collection on OpenSea, noting that they were “waiting to see if OpenSea would take a stance to preserve creator royalties for existing collections”.
“Unfortunately, that announcement has not come in time,” he said.
On November 8, the founders of the Bored Ape Yacht Club (BAYC), including Wylie Aronow, Greg Solano, and Kerem Atalay, weighed in on the debate in a blog post, sharing that the OpenSea move “wasn’t Okay” and showed his intention to “move in with the rest of the pack and remove creator royalties for legacy collections from his platform.”
OpenSea appears to have heard the criticism and, as part of a November 9 Twitter post, confirmed that it “will continue to apply creator royalties on all existing collections.”
OpenSea said it was “amazed by the passion we’ve seen from creators and collectors alike this week. We were seeking your views, and we’ve heard them, loud and clear.”
Depending on the platform, “They will start opening creator fee data in the coming weeks for everyone to use.”
12/ In short, we’re at a collective inflection point: if everyone left in this ecosystem who believes that creator fees are important to our future links arms on this, we WILL ensure that fees are durable.
— OpenSea (@opensea) November 9, 2022
12/ In short, we are at a collective tipping point: If everyone left in this ecosystem who believes that creator fees are important to our future, we will make sure the fees last.
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