OpenSea, a place where people buy and sell NFTs, announced some important changes on its platform. Artists who make new art collections can now decide if they want to charge people fees or not.
The marketplace will be getting rid of its OpenSea Operator Filter that made sure artists get paid fairly when their art is sold in secondary market.
According to CEO Devin Finzer, this royalty enforcer tool wasn’t successful. “We relied on opt-in by the entire ecosystem, which didn’t happen. So we’re making a few changes to our approach to creator fees,” he said.
Starting in September, artists who create new collections on OpenSea can decide whether they want to ask for money from buyers or not. This is a big change because before, everyone had to pay some money when they bought art on OpenSea. Now, artists can choose.
According to an official statement, on August 31, OpenSea will stop giving royalties that helped artists get paid a little bit of money every time their art was sold again. This tool was like a helper that made sure artists got a fair share, but OpenSea thinks it’s time to try something different.
What compelled the platform to remove the enforcement tool? CEO Devin shared that some creators expressed that the Operator Filter limited “their sense of control over where their collections are sold.” Furthermore “it may collide with a collector’s expectation of full ownership.”
Overall, he believed this tool wasn’t really improving or empowering the NFT ecosystem as the team had hoped.
Fees Are Changing, But Not Gone
OpenSea clarified that the creator fees would not be remove as it is the revenue streams for artists. However, the Operator Filter will be removed completely, enabling the collections to be listed on other marketplaces.
Even though OpenSea is changing how fees work, it’s important to know that fees aren’t completely going away.
This change by OpenSea is causing big concern in the creator community. Some believe that the platform should implement royalties because it’s the artists’ support of income. Others believe it’s a good thing because it could offload money-making NFT projects.
People used to think that artists should always get some money when their art is sold. But lately, some people have been talking and thinking differently. OpenSea is listening to these ideas and
trying to find a good solution that makes everyone happy. Nonetheless, the community expresses it’s concerns with the changes.
OpenSea is making these changes because the world of NFTs is always changing. By letting artists choose about fees and trying new things, OpenSea wants to help artists do well in this new and exciting digital art and NFTs world.