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.
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.