The world's largest NFT marketplace, OpenSea, is making a significant change to its royalty policy. Starting August 31, creators will be able to opt out of charging royalties on secondary sales of their NFTs.
This is a major departure from OpenSea's previous policy, which required creators to charge a royalty of at least 2.5% on all secondary sales. The new policy will give creators more control over how they earn revenue from their NFTs.
Some creators may choose to opt out of royalties in order to make their NFTs more affordable for buyers. Others may choose to charge a lower royalty rate in order to compete with other marketplaces that do not charge royalties.
The decision to make royalties optional is a sign of the growing competition in the NFT marketplace. OpenSea is facing increasing competition from other platforms, such as LooksRare and NFT Genie, which offer lower fees and other features.
It remains to be seen how the change in policy will affect the NFT market. However, it is clear that OpenSea is willing to make changes in order to stay ahead of the competition.
Here are some additional details about the change in policy:
- Creators will be able to opt out of royalties on all new collections that they list on OpenSea starting August 31.
- Creators who have already listed collections on OpenSea will be able to opt out of royalties on a collection-by-collection basis.
- Creators who opt out of royalties will still be able to earn revenue from their NFTs through other means, such as tips and sponsorships.
Ultimately, the impact of the change in policy will depend on how creators choose to use it.
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