The NFT platform will have optional creator fees for new collections on Aug. 31, and for any existing collections by Feb. 29, 2024.
The NFT platform will have optional creator fees for new collections on Aug. 31, and for existing collections by Feb. 29, 2024.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Billionaire investor Mark Cuban criticized OpenSea's decision to make creator fees optional.on social media."It diminished trust in the platform and hurts the industry. And I say this as an OpenSea investor.
As a response to someone in favor of removing NFT royalties, Cuban said"the buyer knows what the royalties are before they buy it. The creator can set the royalty to zero. They are part of the smart contract that mints the NFT. It's not smart. It's desperation."its royalty enforcement tool, OpenSea Operator Filter, and make creator fees optional for new collections starting after Aug. 31.
The platform said it was making the change to do away with the"ineffective, unilateral enforcement" of NFT royalties — without removing them completely. "The optional royalty approach kills future applications that go far beyond collectibles," Cuban added."Which is where the most money will be." © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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