OpenSea clarifies new policy regarding NFT royalties

02/21/2023 01:35 • Metaverse & Beyond • 114 views

It is reported that OpenSea, the NFT trading market, made a clarification on the new policy issued earlier: operatorfilter is applicable to the new and existing NFT series with enforced royalty on the chain. For the NFT series without enforced royalty on the chain, the creator’s income will be optional, with a minimum standard of 0.5%.

OpenSea clarified that the operator filter is applicable to the new and existing NFT series with royalty enforcement on the chain

Interpretation of the news:

OpenSea, one of the largest NFT (non-fungible token) trading markets, has clarified its new policy regarding royalties on the blockchain. The platform has stated that the operator filter will apply to all new and existing NFT series with enforced royalties on the chain. The new policy ensures that creators are entitled to a percentage of secondary sales of their works, in line with proposals on royalties from the NFT industry.

The latest update by OpenSea is a response to the increased demand for transparency and fairness in the NFT market. Many creators have complained that they have not been compensated fairly for the use of their digital artwork. NFTs have been touted as a new way for artists to monetize their digital creations, however, the lack of a clear revenue model has been a source of controversy. With the new policy, creators can claim a set percentage of each subsequent sale, which would be entirely transparent and trackable.

The clarification by OpenSea that the operator filter will apply to all new and existing NFT series with enforced royalties on the chain is significant. This means that creators who have already created and listed NFTs on the platform will have to adhere to the new policy or remove their works. This move could potentially cause a ripple effect across the entire NFT market, with other platforms having no option but to follow suit in order to remain competitive.

For NFT series without enforced royalty on the chain, the creator’s income will be optional. The creators can still earn from the sale of their works but are not entitled to a specific percentage of secondary sales. However, OpenSea has set a minimum standard of 0.5%, which can be adjusted by the creator according to their preference.

In conclusion, OpenSea’s latest clarification on its new policy regarding royalties on the blockchain is a significant step forward for the NFT industry. The move provides clarity and transparency to the monetization of digital artwork, which is necessary for fair compensation for creators. The new policy is likely to be adopted by other NFT trading markets, consolidating it as an industry standard.

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