OpenSea to carry on charging creator fees for NFT collections
OpenSea, the most successful NFT marketplace in terms of volume, has stated that it will continue to enforce creator fees on its platform for any collections that are already in existence. This signifies that the creators of NFT collections currently trading on OpenSea will be allowed to continue to receive royalties on trades, unlike on many other exchanges where royalties have been made optional.
UPDATE: We will continue to enforce creator fees on all existing collections.
— OpenSea (@opensea) November 9, 2022
OpenSea’s future ambitions and arduous, well-considered decisions will be heavily influenced by the feedback they have received. In the recent past, the corporation engaged in the process of reaching out to all of its associated communities, including creators, builders, and collectors, for their expert ideas and points of view. This pertains to the overall market trend and sentiment prevailing at the present time. One significant decision, regarding the continuation of creator fees for all types of collections, stays unchanged.
This move by OpenSea coincides with a period when collectors are maximising their profits by selling their best NFT collections on exchanges that don’t charge any trading fees.
In the case of collectors, this scenario signifies that the NFTs they seek out in order to fulfil their particular needs would likely be placed on all available market squares that do not impose any sort of creator fees. Even if collectors agree with the continued charging of creator fees in the present environment, they will seek out less financially burdensome alternatives.
Consequently, this action will allow them to boost their profit margins. All of these may not exactly be in OpenSea’s favor. However, one might anticipate additional checks and balances in their camp.