In its latest pivot on the subject, marketplace OpenSea announced Thursday that it will soon stop enforcing creator royalty fees on secondary sales of NFTs—a development that will impact artists and teams who receive passive income when their work trades hands following the initial sale.

Beginning August 31, artists who list new projects on OpenSea will not be able to require buyers to pay a creator fee—a charge, typically ranging from 2.5% to 10%, that’s tacked on to secondary sales of NFTs and pocketed by creators. Artists will now only be able to indicate their preferred creator fee, which buyers can choose to pay effectively as a tip. 

Existing collections on non-Ethereum blockchains, and projects that opted to use OpenSea’s Operator Filter—a controversial tool that prevented collections from being sold by competing platforms that themselves made creator fees optional, and rewarded that loyalty with enforced creator fees on OpenSea—will be able to guarantee creator fees until February 29, 2024.

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Author: Sander Lutz

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