The popular non-fungible token (NFT) marketplace OpenSea has announced significant changes to its platform. In a blog post, OpenSea’s co-founder and CEO Devin Finzer revealed that creator fees will now be optional for new collections. This move comes as OpenSea retires the Operator Filter, which previously enforced creator royalties.
Under the new system, royalties for NFT sales on the secondary market will be optional. This secondary market is where NFT collectors and traders sell their digital assets to one another. However, existing NFT collections using the Operator Filter will still have their preferred royalties enforced until February 29, 2024. For collections without the Operator Filter, there will be no changes.
OpenSea’s decision to implement these changes comes as a result of multiple factors. Firstly, the marketplace cited a lack of community support for the Operator Filter. Without widespread endorsement from users, it became clear that the feature was not effective. Secondly, OpenSea emphasized the importance of giving both NFT collectors and creators the choice when it comes to creator fees. They believe that full ownership of an NFT should allow users to freely hold, sell, or destroy it without interference. Lastly, OpenSea noted that creator fees are just one of many revenue streams available to NFT creators. The marketplace aims to encourage innovation beyond a single use case or business model.
These changes will come into effect on August 31, 2022. OpenSea has long been the dominant player in the NFT marketplace and currently ranks as the second largest platform by 30-day trading volume according to data from DappRadar.
