one37pm
Nov 10
397
0.1%
The NFT marketplace @opensea had a choice to let buyers and sellers avoid paying creators when their NFTs are resold on their site - Today they announced their official statement that they will automatically enforce royalties to creators on existing NFT collections.
For context, secondary sales are set by the original NFT creator. The fees are usually under 10% of the total sale. Recently, some NFT marketplaces found a way to avoid paying those fees. One by one, marketplaces have been choosing whether to honor royalties or not. With OpenSea being the largest marketplace by far, this is a big decision for the NFT community. Many artists & NFT creators have been using royalty money to continue working in NFTs full-time.
This announcement helps uphold the ability for longtime NFT creators to continue working in the NFT industry with the help of secondary sales.
one37pm
Nov 10
397
0.1%
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