OpenSea NFT Creator Royalties Plan Faces Backlash While Volume Remains Low
The largest NFT marketplace, OpenSea, incorporated steps to help creators regarding fees and royalties while rival marketplaces cut creator fees or make them optional. Nonetheless, the reception was hostile. OpenSea, in a Nov. 6 tweet, finally commented on the ongoing discussion regarding creator-set royalties or fees.
To do so, OpenSea plans to implement a tool for on-chain enhancements of creators’ fees for new collections starting on Nov. 8. This would ‘balance the scales by putting more power in the creators’ hands. OpenSea won’t make any changes to existing collections (yet). It will incorporate additional community feedback (to create a long-term policy) and roll out any changes sometime after Dec. 8. But this won’t be an easy ride, as asserted by OpenSea’s co-founder and CEO Devin Finzer in the blog post.
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