The largest NFT marketplace by trading volume, OpenSea announced today that it has decided to maintain NFT royalty fees following significant backlash from the community. The firm wrote in a tweet thread that it will continue to enforce creator fees on all existing collections.
OpenSea also stated, “We were looking for your feedback, and we heard it, loud and clear.” Previously, OpenSea announced that it was reconsidering its plans to enforce creator royalty fees on NFTs. The announcement seemed to be influenced by the rival marketplaces that had either rejected royalty fees or made them optional for traders to pay.
OpenSea introduced on-chain tools to enforce NFT royalties for new collections last week. It also said it is still considering what to do about existing NFT projects and set a self-imposed December 8 deadline to garner community feedback.
Now after witnessing significant community pushback, it will continue to enforce creator royalties on NFTs. However, when the news went around about OpenSea stopping NFT royalties, many prominent creators came forward to retaliate.
Among them was Bored Ape Yacht Club creator, Yuga Labs who vocally pushed back against OpenSea and began organizing amongst themselves. The streetwear brand The Hundreds also announced it has canceled the planned OpenSea NFT drop as a reminder that the artists are always in control.
Following which, OpenSea resurrected its decision and began encouraging creators to create additional incentives for traders to honor royalties and point them toward marketplaces that honor them. It also said that it will implement additional enforcement methods.
