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Leading NFT Marketplace OpenSea Explains Why They Are Continuing to Enforce Creator Fees

Leading NFT Marketplace OpenSea Explains Why They Are Continuing to Enforce Creator Fees

The largest marketplace for non-fungible tokens (NFTs) says it will continue to collect royalties from creators for digital collectibles sold on its platform. They remove fees. “We will continue to collect creator fees on all existing collections. Before the announcement, OpenSea considered making creator fees optional but found that collectors would be more likely to buy without the royalties.

This is not a theory, it is happening now, and the trend is accelerating. Here’s the stat: Nearly half of the top 20 collections’ creator fees have been ignored over the past week. More than $1 million remains on the table for creators.

But OpenSea says that regardless of its policies, the industry is moving towards fewer rewards for developers. He made some suggestions. “You can create chain fulfillment paths for your existing collections (we’re here to help).

You can create more incentives for your communities to keep paying fees (and we can show them in our product). 

You can refuse to link to royalty-free marketplaces from your project websites. Record giant Warner Music Group to help artists build their communities on Web3 and launch their NFT projects in a deal announced in September.

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