After receiving much public criticism for an earlier post, the NFT marketplace has clarified its position on creator royalties.
Following an uproar from authors earlier this week for considering differently, NFT marketplace OpenSea has declared it will continue to impose royalties across all collections moving forward.
OpenSea said on November 7 that they would be releasing an on-chain tool that would enable authors to impose royalties for any new collections on the platform, but they refrained from doing the same for current collections.
The exchange stated at the time that it would be looking into options such as “allowing optional creator fees,” “enforcing off-chain fees for some subsets of collections,” and “collaborating with other on-chain enforcement options for creators.”
The announcement received a lot of criticism from the community, some of whom urged OpenSea to clarify its position because of its ambiguous messaging and others who objected to the idea of an “optional creator fee.”
Bobby Kim, co-founder of The Hundreds, and other NFT creators announced on November 9 that they had decided to postpone the launch of their upcoming nonfungible token (NFT) collection on OpenSea while they “waited to see if OpenSea would take a stand to preserve creator royalties for existing collections.”
He remarked, “Unfortunately, that news did not come in time.
In a blog post published on November 8, the founders of Bored Ape Yacht Club (BAYC), including Wylie Aronow, Greg Solano, and Kerem Atalay, weighed in on the discussion. They said that the decision to leave OpenSea was “not great” and revealed the company’s intention “to follow the crowd and remove creator royalties for legacy collections from their platform.”
OpenSea seems to have taken note of the complaints and announced in a tweet on November 9 that it would “continue to enforce creator fees on all current collections” as well.
OpenSea expressed its admiration for the “passion we’ve seen this week from producers and collectors alike.” Your feedback was loud and clear when we were looking for it.
The market “will start open-sourcing our data on creative fees in the near weeks for everyone to access,” according to the marketplace.