A new royalty collection tool has been launched by the OpenSea marketplace team. It is now available for new collections of non-fungible tokens (NFTs).
There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable.
Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions. 🧵
— OpenSea (@opensea) November 6, 2022
“It is clear that many authors want to be able to charge on-chain fees. We believe that the choice should be theirs, not the marketplace,” commented OpenSea.
Already on November 8, the system will begin to charge commissions only from those new collections that use the corresponding tool.
“Over the coming months, we will be launching additional options and improvements to collections in new collections. We will be engaging with the community to get feedback along the way,” added OpenSea.
The team is also developing alternatives to help the authors of existing collections navigate the changes in the NFT market.
But until December 8, they promise not to introduce any changes. Since all changes will be discussed with the community in advance.
“We recognize that not all creators, collections and communities are the same and are committed to developing a long-term policy that reflects this,” the marketplace concluded.
In October OpenSea added support for non-fungible tokens from Avalanche, increasing the number of available networks to seven.