BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

OpenSea Announces to Push Through with Creator Fees on All Collections

BlockNews Team by BlockNews Team
November 10, 2022
in Business, Media, NFT, Social
Reading Time: 3 mins read
A A
Opensea-Platform
1
SHARES
14
VIEWS
Share on TwitterShare on Reddit

NFT marketplace OpenSea posted a series of updates on Twitter regarding the implementation of creator fees. The new policy will help creators on the platform earn better even during these times of the crypto bear market.

You might also like

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

OpenSea wants to ensure that the creators get paid correctly, and collectors get what they want, including incentives and exclusive rewards. Especially in the trying times of the crypto winter, many individuals want to sell their NFTs as much as possible on marketplaces that do not include creator fees.

Because of the reselling problem, many NFT creators need better profits. The top 20 artists on OpenSea alone could have claimed over $1 million on the creator fees.

Adding Better Tools for Creators

OpenSea was aware of the ongoing issue of sellers preferring other marketplaces to avoid fees. After all, nobody wants to pay more than the asking price of a product. However, the NFT marketplace kept on open ears and heard feedback from creators and collectors.

Over the following weeks, OpenSea will begin open-sourcing its data on creator fees for everybody and creator-friendly tools. The provisions allow the platform to show its respect for its users. In its thread, OpenSea tweeted, 

“Unless something changes soon, this space is trending toward significantly fewer fees paid to creators. No policy we implement will reverse this trend if this behavior continues.”

“We’re awed by the passion we’ve seen from creators and collectors alike this week. We were looking for your feedback and heard it loud and clear.”

Creators can now build paths to on-chain enforcement for all collections and incentivize their communities if the loyal collectors are willing to pay the fees. They can also choose not to include “fee-avoiding marketplaces” from their project websites.

Other new features will include the following:

  • New collections should adopt on-chain enforcement tools
  • Collectors can now pick platforms that honor creator fees

Doing Its Part in a Crumbled Market

It is no secret that the bear market affects everything and everyone involved in the blockchain industry. Especially after the recent FTX-Alameda Research collapse, many fear uncertainty and doubt about the future of blockchain. Regarding NFTs, the trend continuously slowed down.

OpenSea also faced a bit of trouble when trading volumes were at an all-time low. However, the marketplace still needed to provide more for its active users and upcoming members. It claims it will do its part in ensuring that both the creators and the collectors get handsomely rewarded for the production and loyalty.

Royalty fees will turn out better for OpenSea’s most respected artists. Collectors will get more than they bargain for, given that they pay the creator fees. Hopefully, this will improve the digital asset ecosystem without the worry of the current state of cryptocurrency.

So far, the announcement from OpenSea has received positive feedback from members and the Twitter community. This push can help attract new creators and collectors to the platform, knowing that it offers better services than other marketplaces.

Tags: NFTNFT MarketplaceNFTsopensea
TweetShareShare

Recommended For You

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

by BlockNews Team
March 24, 2023
0
coinbase

Coinbase CLO Paul Grewal announced that the company provided details to the SEC about why staking services are not securities Grewal saw the SEC’s perspective on software services...

Read more

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

by BlockNews Team
March 24, 2023
0
metamask

Nigerians can now buy crypto using MetaMask instead of centralized exchanges Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers Nigeria...

Read more

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

by BlockNews Team
March 24, 2023
0
ftx

FTX files for return of $460 million investment funds made to venture capital firm by Sam Bankman-Fried through Alameda Research. When he invested, Sam Bankman-Fried was allegedly in...

Read more

OpenZeppelin Reveals Top 10 Blockchain Hacking Techniques in 2022

by BlockNews Team
March 23, 2023
0
OpenZeppelin

OpenZeppelin's top 10 hacking methods of 2022 serve as a sobering reminder of the value of cybersecurity and the need for ongoing research to make blockchain systems more...

Read more

Links DAO To Buy Scottish Golf Course For $1M

by BlockNews Team
March 23, 2023
0
Links DAO

Links DAO has won the bid to  buy a Scottish golf course for close to $1 million. This follows a landslide community vote in favor of the purchase...

Read more
Next Post
FTX-Justin-Sun

Justin Sun Moves to Rescue FTX After Binance Drops Acquisition Deal

Related News

Polygon Studios Provides Sanctuary for Former Terra Projects

Polygon Studios Provides Sanctuary for Former Terra Projects

July 11, 2022
california governor

California Governor Failed to Disclose Personal Ties to Silicon Valley Bank $SIVB While Lobbying for a Bailout

March 17, 2023
eu parliament

European Parliament Approves Data Law that Requires Kill Switch for Smart Contracts 

March 20, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Coinbase Argues Software Services Are Not Securities: A Case Against the SEC March 24, 2023
  • Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask March 24, 2023
  • FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?