NFT: OpenSea aligns itself with the competition and waives royalties
The popular NFT marketplace OpenSea renounces impose from royalties. The expenses will be optional from September for new collections. As for his operator filterhe disappeared on August 31.
Step by step, OpenSea has finally aligned itself with its rivals. In February, the former leader in NFT trading on Ethereum revised its royalty policy for the first time, notably in favor of an optional model.
OpenSea justified this decision by a profound change in the ecosystem. NFT. This movement remains relevant today, and the company is announcing new, even more radical developments.
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Taxing royalties is inefficient
OpenSea gives up on imposing royalties altogether royalty payments.
To be clear, creator royalties aren’t disappearing, just their one-sided and inefficient application,” writes OpenSea.
So, after August 31, creator fees will become optional for new collections. As for those using the filter proposed by the marketplace, they will retain the royalty system until February 29.
Beyond this deadline in 2024, royalties will become optionalas for other NFT collections. This means that the operator filter defined by OpenSea in 2022 will disappear in the very near future.
A filter deactivated for lack of ecosystem support
OpenSea Operator Filterthe tool used to enforce copyright on the marketplace, will be deactivated as of August 31st. Royalties will therefore be optional from September 1.
This tool was intended to give creators greater control over their web3 business models, but it required the support of all players in the web3 ecosystem, which unfortunately has not been the case,” says OpenSea.
The debate over royalties really broke out in 2022. These fees have gradually become a thorn in the side of marketplaces and buyers in a slowing market. With its optional 0.5% royalty rate, Blurthe new number 1 in NFT buying and selling, has accelerated the movement in the sector.
A sluggish NFT market caught in the fee war
In June, royalties reached their lowest level for two years. According to Nansen, the total amount of royalties collected was around $3.8 million or 2000 ETH.
Just over a year earlier, in April 2022, these same NFT royalties peaked at 28,000 ETH – or $76 million. Trading activity was quite different, however, as were token valuations.
Royalties remain a source of income for the market’s leading collections, such as Yuga Labs. Through its various NFT collections, the company responsible for a third of the volume on this market has collected more than 166 million dollars.
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