OpenSea launches new tool to collect royalties from NFT collections

The OpenSea marketplace has rolled out a royalties tool. For now, it can be used only for new non-fungible token (NFT) collections.

There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable.

Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions. 🧵

— OpenSea (@opensea) November 6, 2022

“It’s clear that many creators want to be able to charge on-chain fees. We believe the choice should be theirs, not the marketplace,” OpenSea explained.

From November 8, the platform will begin charging royalties only on those new collections that use the relevant tool.

“In the coming months we will launch additional options and improvements for fees on new collections. We will engage with the community to obtain feedback along the way,” OpenSea said.

The marketplace team said it is already considering alternatives to help authors of existing collections navigate changes in the NFT market.

For now, they promised no changes at least until December 8. In that case OpenSea also plans to discuss the innovations with the community.

“We recognise that not all creators, collections and communities are the same, and we are committed to developing a long-term policy that reflects this,” the marketplace noted.

Earlier, the Solana-based NFT platform Magic Eden eliminated mandatory royalties.

In October, OpenSea added support for Avalanche-based NFTs, increasing the number of networks available to seven.

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