Leading non-fungible token (NFT) marketplace OpenSea has recently announced significant updates as part of its strategic plans, including shifts related to creator fees.
One of the significant changes involves the Operator Filter tool, initially introduced by OpenSea in 2022. This tool was designed to empower creators to limit the sale of their collections exclusively to platforms that enforced creator fees during secondary sales.
However, starting from August 31, 2023, this is set to change. OpenSea is shifting to an optional creator fee system for all secondary sales of new collections. This change is aimed at offering creators increased autonomy in decision-making.
In light of this shift, creators will be given the flexibility to select the preferred fee or establish their own customized fee during the listing process.
On the other side, buyers will gain the ability to use a filter to specifically search for listings that adhere to the creator’s preferred fee. These eligible listings will be conveniently highlighted on the respective item pages.
This strategic move by OpenSea aligns with their ongoing efforts to enhance the experience of creators and sellers, while also contributing to the decentralization principles of the Web3 framework.
Guided by that purpose, last month, OpenSea also introduced “Deals,” a feature facilitating direct peer-to-peer NFT exchanges. Also, in April, the company announced the widespread availability of OpenSea Pro, an NFT marketplace aggregator.
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