Earlier this week we reported on NFT marketplace OpenSea’s public statements about ‘creator fees’ – specifically the money due to NFT makers when their NFTs were sold on the secondary market.

The gist: many other marketplaces were not enforcing those fees, so OpenSea was canvassing its community on how its own models should evolve. Yesterday, it provided an update based on that feedback.

“We will continue to enforce creator fees on all existing collections,” explained the company in a series of tweets. “We were looking for your feedback, and we heard it, loud and clear.”

It’s suggesting that NFT creators use its new ‘on-chain enforcement tools’ and refuse to link to marketplaces that don’t honour these fees. It also reiterated its previous warning about the wider trend here.

“In the economic downturn, many of those looking to sell their NFTs are trying to sell them for as much as they can. Moving their listings to marketplaces that don’t enforce fees is one way to do this,” claimed OpenSea.

“In the last week, almost half of the creator fees set by the top 20 collections were ignored. This amounts to well over $1M for creators left on the table.”

Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!

Avatar photo

Stuart Dredge

Music Ally's Head of Insight

Leave a comment

Your email address will not be published. Required fields are marked *