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OpenSea Will Enforce Royalties for Existing NFT Collections

Cointime Staff· 3 min read

OpenSea, the leading NFT marketplace by volume, will continue to enforce creator fees on its platform for existing collections.

OpenSea twitter pointed out:We will continue to enforce creator fees on all existing collections.

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.

3/ One observation: in the economic downturn, many of those looking to sell their NFTs are trying to sell them for as much as they can. Moving their listings to marketplaces that don’t enforce fees is one way to do this.

4/ For collectors, this means NFTs they really want are increasingly likely to be listed on marketplaces that don't enforce creator fees. Even if these collectors *say* they want to pay creator fees, they're becoming more and more prone to buying on those marketplaces.

5/ This isn’t theoretical, it’s happening now, and the trend is accelerating. Here’s the data:

6/ Simply put, in the last week, almost half of the creator fees set by the top 20 collections were ignored. This amounts to well over $1M for creators left on the table.

7/ Unless something changes soon, this space is trending toward significantly fewer fees paid to creators. No policy that we implement will reverse this trend if this behavior continues.

8/ 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. Now let’s discuss what comes next.

9/ Creators - there are immediate steps you can take: For existing collections 1) You can build paths to on-chain enforcement for your existing collections (we’re here to help)…2) You can develop more incentives for your communities to continue to pay fees (and we can show these in our product)…3) You can refuse to link to fee-avoiding marketplaces from your project websites.

10/ A REMINDER: in order to recognize creator fees for *new* collections, you must adopt on-chain enforcement tools. Our new registry is one such tool, but there are others, and we support those as well.

11/ And collectors, you can choose platforms that honor creator fees even if it means being OK with paying more for NFTs on fee-enforcing marketplaces. Creators can build incentives and on-chain enforcement, but it won’t mean anything if you don’t show up for them.、

12/ In short, we’re at a collective inflection point: if everyone left in this ecosystem who believes that creator fees are important to our future links arms on this, we WILL ensure that fees are durable.、

13/ We will start open sourcing our data on creator fees in the upcoming weeks for everyone to use. In the meantime, we encourage you to check out @punk9059’s tweets on this topic.

14/ Beyond all of this, we plan to share more creator-focused tech/tooling updates we're excited about later this week; also @dfinzer and @AnnieFauv will be on @overpricedjpegs  this Friday to talk about the future of creator fees on OpenSea.

15/ We’re in this with you, but this fight will take more than just words. It’s time for action.


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