Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

The price of Bitcoin affects ATH of $ 111,000 if open interest rises to $ 72 billion – details

2025-05-22

Bitcoin price rays to New All Time Bulls takes the lead

2025-05-22

Cardano Bulls Reclaim Control: Is Ada on its way to $ 0.9?

2025-05-22
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Sony announces the Mavet launch of Soneium Blockchain

    2025-05-21

    Nitro Labs launches data anchor to lower the storage costs of Solana

    2025-05-21

    Zimbabwe rolls out blockchain-based carbon credit market system

    2025-05-21

    Kalp Network Partners with Luffa to stimulate Web3 Privacy and RWA access

    2025-05-21

    Smarter athlete data via PSG Labs and Joint Innovation Studio

    2025-05-21
  • NFT

    Guild of Guardians leads with a huge volume of $ 796.62k

    2025-05-20

    Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

    2025-05-19

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17

    Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

    2025-05-16
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Bitcoin price rays to New All Time Bulls takes the lead

    2025-05-22

    Mike Novogratz says that weakening dollars, broadening the shortage and the deteriorating financial situation of America ‘very good’ for Bitcoin and Crypto

    2025-05-21

    Does the XRP price mirror the Rally of 2017? Analyst points to agreements

    2025-05-21

    Bitcoin breaks $ 109k ATH to enter the price discovery again

    2025-05-21

    XRP – Price coil for an outbreak – is the next leg on hands?

    2025-05-21
  • Learn

    What Is a DEX (Decentralized Exchange)?

    2025-05-21

    Blockchain Explained: What It Is, How It Works and Why We Need It

    2025-05-21

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»NFT»OpenSea Just Changed Its Royalty Policy (Again), and Yikes!
OpenSea Just Changed Its Royalty Policy (Again), and Yikes!
NFT

OpenSea Just Changed Its Royalty Policy (Again), and Yikes!

2023-08-18No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

When digital collectibles (NFTs) were first introduced into the emerging tech space, one of the biggest selling points was a new avenue for creators to get a piece of the pie every time their work was resold – or better known as a “creator royalty.”

The royalty debate has been the biggest conversation in the history of the NFT space – but also the biggest elephant in the room. 

On Thursday (August 17), OpenSea changed its position towards creator royalty fees, announcing in a blog post that it plans to move away from its “mandatory” creator fees to “optional” creator fees this month. 

In other words, collectors/sellers are now offered a choice on whether they want to “generously” give back to the original artist they claimed to have supported.

It clarified in the post that “creator fees aren’t going away – simply the ineffective unilateral enforcement of them,” which it believes is necessary to “better reflect the principles of choice and ownership” that continue to drive decentralized art. 

Beginning August 31, OpenSea will stop enforcing royalty fees on all new NFT collections – however, it indicated that it will continue to enforce fees on certain existing collections through at least March 2024. 

Here’s how this plays out after Aug 31:
– New collections: creator fees optional
– Existing collections using our Operator Filter: we’ll enforce preferred creator fees on OpenSea through Feb 29 ‘24; optional after
– Existing collections not using our Operator Filter: no change

— OpenSea (@opensea) August 17, 2023

Imagine that you are a “regular” at a restaurant because you enjoy the chef, the exquisite culinary skills that go into the food, and the service from your waiter(s), to which you communicate through your return to the restaurant and tipping of your waiter(s). But on your next visit back to that same restaurant, you order, you eat, and you pay – only this time, you just pay the bill without tipping your server. 

See also  CryptoPunks, Guild of Guardians and DogeZuki emerge as top NFT collections for October

OpenSea Continues to Be the Elephant in the Room

Last November, OpenSea soured its name after launching its “Operator Filter,” a unilateral enforcement tool that prevented the sale of creator collections to Web3 platforms that chose to enforce creator royalties and make them mandatory. 

The extremely controversial decision by the NFT marketplace came after the token-based platform X2Y2 debuted its 0% creator royalty model eight months prior. 

However, the straw that broke the camel’s back was when the NFT platform Blur made royalties mandatory in February 2023. Blur has since surpassed OpenSea as the biggest NFT marketplace by trading volume, enforcing a 0.5 percent fee on the majority of its collections, where most creators will set their royalty fees at 5 to 10 percent. 

OpenSea responded by stating that its previous mandatory 2.5% royalty fee would be dropped to 0% for a limited time – while also picking back up on another previously controversial plan to move projects that weren’t using on-chain enforcement tools – essentially every project created prior to 2023 – to “optional” royalties. 

We’re making some big changes today:
1) OpenSea fee → 0% for a limited time
2) Moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new)
3) Marketplaces with the same policies will not be blocked by the operator filter

— OpenSea (@opensea) February 17, 2023

Of course, that didn’t go over well. 

The NFT royalty debate, which shouldn’t be a debate at all, continues to keep the growth and transformation of digital art and collectibles at bay – a lot of talking, not a lot of execution. 

See also  SEC Says NFTs Are Securities in New Wells, Notice Against OpenSea, Says CEO

According to crypto data firm Nansen, NFT royalties hit their lowest volume since 2021, and this week’s news of Bored Ape Yacht Club (BAYC) NFTs hitting a low of approximately $51,500 (now at $43,000 as of press time) is evident of that. 

The community wasn’t shy about expressing their views towards the harmful impacts this type of mechanism has upon artists, with the majority of users expressing extreme discomfort as to the “unsustainable behavior,” “cowardice,” and “killing the ecosystem.”

So are we boycotting @opensea then? If it doesn’t align with the incentives of creators, creators should move their business to places that do.

— BETTY (@betty_nft) August 18, 2023

No idea who is advising you guys, but everyone on CT now hates you even more. Your move is exploiting artists and making it harder for creatives to find success? How web2. FOH

— 𓂀Jana Stern𓂀✨ (@JanaSternHealer) August 18, 2023

Let me impart a nugget of wisdom upon you. While market share is indeed a metric of significance, one mustn’t lose sight of the bigger picture.

Just as a well-tailored suit loses its charm if worn in the wrong era, a robust market share becomes inconsequential if the market… pic.twitter.com/8uyo4GaVIJ

— Rekt Burgundy (@Rekt_Burgundy) August 17, 2023

You’re killing the ecosystem

— Jaes Tips | 019710.eth (@jaestips_nft) August 17, 2023

Rarible Reacts

On Friday, NFT marketplace Rarible made its position clear on X (formerly Twitter) with the hashtag #StandForRoyalties, sharing that it “stands in solidarity with creators and artists” by offering up a free mint.

R is for Royalties

Stand in solidarity with creators & artists.

Stand with us as we support them & their work.#StandForRoyalties & pledge your support for those who have made Web3 what it is today.

No Speculation.
No Utility.
Just solidarity.

Claim your free mint below 👇 pic.twitter.com/notP5ZwjzR

— Rarible (@rarible) August 18, 2023

And at the end of the day, there’s only one question that matters – why are we still having to overcome this debate when it serves as the beating heart of everything that “Web3” and decentralized ecosystems are supposed to represent?

See also  Global securities regulators are pushing for global supervision of digital assets with 18 new policy recommendations



Source link

changed OpenSea policy Royalty Yikes
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

BPI is releasing policy manifesto and urges us to train in Bitcoin infrastructure

2025-05-22

Guild of Guardians leads with a huge volume of $ 796.62k

2025-05-20

Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

2025-05-19

The most popular collections of the moment on blockchain

2025-05-18
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Trump -Binance tires are confronted with control – “The use of the family’s stablecoin to …”

2025-05-10

On’s token unlock – everything you need to know about the impact on the price!

2025-04-29

DOGE tumbles 15% in 2 days: Bears’ time to shine?

2023-08-17
Editors Picks

Tuttle Capital files Inverse ETFs to trade against Jim Cramer’s recommendations

2022-10-13

Anthony Scaramucci Says Trump Is Pulling Democrats Towards Centrist Position On Crypto Regulation: Report

2024-09-24

AI Ranks Among the Top Percentile in Creative Thought AI Ranks Among the Top Percentile in Creative Thought

2023-08-29

Early Rejection of 21Shares Spot Bitcoin ETF Raises Concerns

2023-09-27
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

The price of Bitcoin affects ATH of $ 111,000 if open interest rises to $ 72 billion – details

Bitcoin price rays to New All Time Bulls takes the lead

Cardano Bulls Reclaim Control: Is Ada on its way to $ 0.9?

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

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

  • bitcoinBitcoin(BTC)$111,249.023.42%
  • ethereumEthereum(ETH)$2,622.012.47%
  • tetherTether USDt(USDT)$1.00-0.01%
  • rippleXRP(XRP)$2.411.48%
  • binancecoinBNB(BNB)$683.683.36%
  • solanaSolana(SOL)$176.833.64%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.2407324.02%
  • cardanoCardano(ADA)$0.794.46%
  • tronTRON(TRX)$0.2708290.37%
  • suiSui(SUI)$4.054.45%
  • chainlinkChainlink(LINK)$16.433.20%
  • hyperliquidHyperliquid(HYPE)$30.4614.11%
  • avalanche-2Avalanche(AVAX)$23.965.58%
  • stellarStellar(XLM)$0.2984193.03%
  • shiba-inuShiba Inu(SHIB)$0.0000152.18%
  • hedera-hashgraphHedera(HBAR)$0.2010452.60%
  • bitcoin-cashBitcoin Cash(BCH)$416.604.96%
  • unus-sed-leoUNUS SED LEO(LEO)$8.870.53%
  • the-open-networkToncoin(TON)$3.120.86%
  • polkadotPolkadot(DOT)$4.852.56%
  • litecoinLitecoin(LTC)$99.054.11%
  • moneroMonero(XMR)$396.8110.13%
  • bitget-tokenBitget Token(BGB)$5.312.23%
  • piPi(PI)$0.831.42%
  • pepePepe(PEPE)$0.0000141.86%
  • daiDai(DAI)$1.000.03%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • bittensorBittensor(TAO)$469.2510.88%
  • uniswapUniswap(UNI)$6.391.23%
  • aaveAave(AAVE)$253.94-1.56%
  • nearNEAR Protocol(NEAR)$2.943.98%
  • aptosAptos(APT)$5.393.42%
  • okbOKB(OKB)$53.181.24%
  • ondo-financeOndo(ONDO)$1.004.54%
  • kaspaKaspa(KAS)$0.1149592.76%
  • ethereum-classicEthereum Classic(ETC)$19.474.73%
  • internet-computerInternet Computer(ICP)$5.503.32%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.48-0.71%
  • gatechain-tokenGateToken(GT)$21.921.44%
  • crypto-com-chainCronos(CRO)$0.0989241.69%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2481106.79%
  • vechainVeChain(VET)$0.0300274.64%
  • render-tokenRender(RENDER)$4.954.97%
  • mantleMantle(MNT)$0.74-0.11%
  • ethenaEthena(ENA)$0.4107485.91%
  • usd1World Liberty Financial USD(USD1)$1.000.13%
  • arbitrumArbitrum(ARB)$0.4220955.83%
  • algorandAlgorand(ALGO)$0.2372474.87%
  • filecoinFilecoin(FIL)$3.024.62%
  • bitcoinBitcoin(BTC)$111,249.023.42%
  • ethereumEthereum(ETH)$2,622.012.47%
  • tetherTether USDt(USDT)$1.00-0.01%
  • rippleXRP(XRP)$2.411.48%
  • binancecoinBNB(BNB)$683.683.36%
  • solanaSolana(SOL)$176.833.64%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.2407324.02%
  • cardanoCardano(ADA)$0.794.46%
  • tronTRON(TRX)$0.2708290.37%
  • suiSui(SUI)$4.054.45%
  • chainlinkChainlink(LINK)$16.433.20%
  • hyperliquidHyperliquid(HYPE)$30.4614.11%
  • avalanche-2Avalanche(AVAX)$23.965.58%
  • stellarStellar(XLM)$0.2984193.03%
  • shiba-inuShiba Inu(SHIB)$0.0000152.18%
  • hedera-hashgraphHedera(HBAR)$0.2010452.60%
  • bitcoin-cashBitcoin Cash(BCH)$416.604.96%
  • unus-sed-leoUNUS SED LEO(LEO)$8.870.53%
  • the-open-networkToncoin(TON)$3.120.86%
  • polkadotPolkadot(DOT)$4.852.56%
  • litecoinLitecoin(LTC)$99.054.11%
  • moneroMonero(XMR)$396.8110.13%
  • bitget-tokenBitget Token(BGB)$5.312.23%
  • piPi(PI)$0.831.42%
  • pepePepe(PEPE)$0.0000141.86%
  • daiDai(DAI)$1.000.03%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • bittensorBittensor(TAO)$469.2510.88%
  • uniswapUniswap(UNI)$6.391.23%
  • aaveAave(AAVE)$253.94-1.56%
  • nearNEAR Protocol(NEAR)$2.943.98%
  • aptosAptos(APT)$5.393.42%
  • okbOKB(OKB)$53.181.24%
  • ondo-financeOndo(ONDO)$1.004.54%
  • kaspaKaspa(KAS)$0.1149592.76%
  • ethereum-classicEthereum Classic(ETC)$19.474.73%
  • internet-computerInternet Computer(ICP)$5.503.32%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.48-0.71%
  • gatechain-tokenGateToken(GT)$21.921.44%
  • crypto-com-chainCronos(CRO)$0.0989241.69%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2481106.79%
  • vechainVeChain(VET)$0.0300274.64%
  • render-tokenRender(RENDER)$4.954.97%
  • mantleMantle(MNT)$0.74-0.11%
  • ethenaEthena(ENA)$0.4107485.91%
  • usd1World Liberty Financial USD(USD1)$1.000.13%
  • arbitrumArbitrum(ARB)$0.4220955.83%
  • algorandAlgorand(ALGO)$0.2372474.87%
  • filecoinFilecoin(FIL)$3.024.62%