OpenSea Pledges to Enforce NFT Royalties After Creator Backlash
OpenSea, the largest NFT marketplace by trading volume, announced today that it will continue to enforce creator royalties on NFTs following significant pushback from the community. “We will continue to enforce creator fees on all existing collections,” the firm wrote in a tweet thread. On Saturday, OpenSea said that it was reconsidering its policy towards enforcing creator royalty fees on NFTs, following a wave of rival marketplaces that had either rejected such fees or made them optional for traders to pay. A royalty fee is set by the NFT artist or creator, and typically falls between 5% and 10% of the secondary sale price. We were looking for your feedback, and we heard it, loud and clear.”
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