The leading NFT marketplace, OpenSea has altered the platform’s creator fee structure by introducing a couple of changes.
The official announcement states that it is sunsetting the OpenSea Operator Filter that was launched to restrict secondary sales of NFT that enforce creator fees.
As a major change, the NFT marketplace is making creator fees optional for new collections from 31st August. This will give buyers an option to support creators voluntarily rather than enforced.
The existing collections which use OpenSea Operator Filter will have it enabled till 29th February, 2024. After the period, creator fee will be optional on every existing collection. These new changes will be applied to every blockchain network.
OpenSea clarifies that creator fees is just one type of revenue for creators among many other streams and it says, “our role in this ecosystem is to empower innovation beyond a single use case or business model.”
The move comes as the majority of the NFT volume continues to move to zero-creator fees. OpenSea said that, “The Operator Filter depended on support from everyone in the ecosystem to be successful and that just didn’t happen.”
It seems OpenSea fiercely had to make major changes on its platform in order to restrain its stumbling position as a leading NFT marketplace.
