OpenSea will make author royalties optional
Beginning on August 31, the popular NFT marketplace OpenSea will not charge royalties for NFT secondary transactions, signaling a change in artist earning policy. Previously, creators were able to set a commission of 2.5% to 10% and earn from every resale. However, with the new update, the creator fee is left up to the discretion of the buyer. For collections on non-Ethereum blockchains, the creator fee will only remain mandatory until February 29, 2024. After this date, the entire platform will make royalties optional.
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Beginning on August 31, the popular NFT marketplace OpenSea will not charge royalties for NFT secondary transactions, signaling a change in artist earning policy.
Previously, creators were able to set a commission of 2.5% to 10% and earn from every resale. However, with the new update, the creator fee is left up to the discretion of the buyer.
For collections on non-Ethereum blockchains, the creator fee will only remain mandatory until February 29, 2024. After this date, the entire platform will make royalties optional.
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