{"id":138763,"date":"2023-09-02T03:06:23","date_gmt":"2023-09-01T21:36:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138763"},"modified":"2023-09-02T03:06:23","modified_gmt":"2023-09-01T21:36:23","slug":"nft-marketplace-opensea-to-disable-royalty-enforcement-tool-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nft-marketplace-opensea-to-disable-royalty-enforcement-tool-crypto-news\/","title":{"rendered":"NFT marketplace OpenSea to disable royalty enforcement tool – Crypto News"},"content":{"rendered":"
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Non-fungible token (NFT) marketplace OpenSea is sunsetting its on-chain royalty enforcement tool \u2014 Operator Filter \u2014 which allows creators to blacklist NFT marketplaces that don’t enforce royalties. <\/p>\n

The change is set to take effect on Aug. 31, according<\/a> to an Aug. 17 statement by OpenSea\u2019s founder and CEO, Devin Finzer. <\/p>\n

The Operator Filter feature was first introduced in November<\/a> 2022 and was described as a \u201csimple code snippet\u201d that could restrict NFT sales to only marketplaces that enforced creator fees. <\/p>\n

\n

Starting Aug 31, we\u2019ll:
– Sunset the OpenSea Operator Filter
– Move to optional creator fees on all secondary sales for new collections
– Improve visibility of creator fee settings and listings on buyer & seller side<\/p>\n

More below:<\/p>\n

\u2014 OpenSea (@opensea) August 17, 2023<\/a><\/p><\/blockquote>\n

However, Finzer said since then, the tool hasn\u2019t had success as they had hoped, as it didn\u2019t have the needed support from the NFT ecosystem. <\/p>\n

Finzer claimed that NFT marketplaces such as Blur, Dew and LooksRare had circumvented the Operator Filter by integrating the Seaport Protocol to bypass OpenSea\u2019s blacklist and therefore avoid creator fees.<\/p>\n

Finzer said they also saw pushback from creators, who saw the tool as encroaching on their control over where their collections were sold.<\/p>\n

\u201cWe have heard from some creators that the Operator Filter limits their sense of control over where their collections are sold, and at the same time may collide with a collector\u2019s expectation of full ownership.\u201d<\/p><\/blockquote>\n

\u201cThe Operator Filter\u2019s restrictions come at the expense of decentralized ownership,\u201d he added. <\/p>\n

Finally, Finzer explained that while creator fees are useful for certain business models, its only one of many revenue streams available to creators and there are a number of other use cases of NFT technology that need to be considered.<\/p>\n

\n

We\u2019ve had a few learnings since launching our Operator Filter:
– It relied on opt-in from the entire ecosystem, which didn\u2019t happen
– Creator fees choice is important for collectors and creators
– Creator fees are just one of many revenue streams available to creators in web3<\/p>\n

\u2014 OpenSea (@opensea) August 17, 2023<\/a><\/p><\/blockquote>\n

\u201cWe\u2019ve dedicated a large part of our roadmap to power new use cases \u2013 starting with digital and physical redeemables \u2013 and to merchandise those use cases more effectively across primary and secondary experiences,\u201d he said.<\/p>\n

Related: <\/em><\/strong>Reddit prepares to drop Gen 4 collectible avatars on Polygon<\/em><\/strong><\/a><\/p>\n

Starting from Aug. 31, the Operator Filter will no longer block any marketplaces. However, any collections that are using the tool and for existing collections on non-Ethereum blockchains, the creator\u2019s preferred fees will be forced up to Feb. 29, 2024. <\/p>\n

\u201cTo be clear, creator fees aren\u2019t going away \u2013 simply the ineffective, unilateral enforcement of them,\u201d Finzer added. <\/p>\n

A possible blow for NFT artists<\/h3>\n

The move is considered by some to be a potential blow for NFT artists looking to make passive income.<\/p>\n

Several members of the NFT community expressed disappointment toward OpenSea\u2019s decision, stating on Aug. 17 that collectors should support NFT creators on platforms that mandate royalties:<\/p>\n

\n

Opensea is caving into pressure from its competitors to kill royalties.<\/p>\n

As members of nft communities the best way to impact this royalty problem and support your project is to only use platforms that will support your communities and honor their royalties. <\/p>\n

Stop supporting\u2026<\/p>\n

\u2014 ROCK\u039eT (@RocketEGC) August 17, 2023<\/a><\/p><\/blockquote>\n

However, a Reddit avatar artist believes<\/a> it may have been the right move, suggesting the business model aimed to profit too much off of hype trading. <\/p>\n

Magazine: <\/em><\/strong>NFT Collector: Grails\u2019 lucky dip of famous NFT artists, new hope for PFP holders<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Non-fungible token (NFT) marketplace OpenSea is sunsetting its on-chain royalty enforcement tool \u2014 Operator Filter \u2014 which allows creators to blacklist NFT marketplaces that don’t enforce royalties. The change is set to take effect on Aug. 31, according to an Aug. 17 statement by OpenSea\u2019s founder and CEO, Devin Finzer. The Operator Filter feature was […]<\/p>\n","protected":false},"author":2,"featured_media":138764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138763"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138763\/revisions"}],"predecessor-version":[{"id":147968,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138763\/revisions\/147968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138764"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}