OpenSea To Continue Enforcing Royalties Following Backlash
With royalty fees being such a big and sensitive topic within the NFT community at the moment, OpenSea has decided to open their voice again to state their position on the issue.
After recently announcing their plans to create a new system for royalties for future collections, OpenSea was heavily questioned by the community on what they would do with current projects on their platform.
To this, OpenSea recently posted their latest update on their plans for royalties on current collections, stating that they will in fact, continue to enforce royalties, rather than change the system to become a 0% royalty fee or optional royalties like many had originally thought.
2/ When we began seeking guidance from our community, it was to understand a range of perspectives (from creators, collectors, and builders in this space) that would help us make sense of trends and behaviors we were observing.
— OpenSea (@opensea) November 9, 2022
The team mentioned on their Twitter that they had carefully taken into account a lot of the feedback they received not only from NFT collectors but also creators for the past few days.
“We’re awed by the passion we’ve seen from creators and collectors alike this week. We were looking for your feedback, and we heard it, loud and clear.” OpenSea wrote, “We’re in this with you, but this fight will take more than just words. It’s time for action.“
Complaints Against Optional Royalties
With OpenSea being the biggest NFT marketplace in the world, the decision they make on royalties is likely to have a massive impact on the NFT space.
Because of this reason, these past few days, multiple notable NFT creators and figures voiced their complaints against the possibility of OpenSea changing royalties to become optional.
Most notable of all was probably the creators of Bored Ape Yacht Club (BAYC) themselves, arguably the biggest NFT project in the space right now. In a blog post made earlier this week, the BAYC founders described the current trend of rejecting royalties as a “race to the bottom”, arguing that the NFT space would be nothing now if it weren’t for creator royalties in the first place.
They argued that the possibility of OpenSea removing mandatory royalties was “not great”.
“The real work is just in figuring out what this governing body looks like,” the team wrote. “But I think that’s a solvable problem for the NFT ecosystem to take on.”
Some thoughts on creator royaltieshttps://t.co/hKB5eQKZ93
— GordonGoner.eth (Wylie Aronow) (@GordonGoner) November 8, 2022