OpenSea’s Policy Clarification on NFT Series with Enforced Royalty

02/21/2023 01:35 • Tech Trends • 80 views

It is reported that OpenSea, the NFT trading market, made a clarification on the new policy issued earlier: operatorfilter is applicable to the new and existing NFT series with enforced royalty on the chain. For the NFT series without enforced royalty on the chain, the creator’s income will be optional, with a minimum standard of 0.5%.

OpenSea clarified that the operator filter is applicable to the new and existing NFT series with royalty enforcement on the chain

Analysis based on this information:

OpenSea, the world’s largest NFT trading platform, has released a clarification on the new policies it issued earlier regarding NFT series’ creators’ incomes, with respect to enforced royalty on the chain, which has caused a significant buzz around the NFT community. According to the statement, any new or existing NFT series with an enforced royalty on the chain is applicable to the operatorfilter introduced in the new policy, which will enable creators to opt-out of their creations’ secondary sales in open markets. This move is undoubtedly positive news for creators who want to secure their income from their creations long after their initial sales, as it provides them with greater control over their intellectual property.

However, the policy also states that NFT series without an enforced royalty on the chain will have an optional income rate for creators, with a minimum standard of 0.5%. This statement suggests that these NFT series without enforced royalties may come under scrutiny of copyright infringement cases, which may undermine their value in the long-term. Nonetheless, OpenSea’s policy clarification is likely to benefit creators, as enforcing on-chain royalties would ultimately secure their income in the secondary market.

Contemplating OpenSea’s policy clarification, it is critical to consider the fast-expanding and rapidly changing nature of the NFT market. The distinction between NFTs with and without enforced royalties may prove to be a nuanced one as NFTs gain cultural prominence. Therefore, creators must be diligent and plan long-term, ensuring they do not enter into NFT sales agreements without guaranteed on-chain royalties.

In conclusion, OpenSea’s clarification on policies surrounding NFT series and royalties is a positive move towards securing the creators’ income within the market. The policy clarifications may contribute to standardization and transparency in the NFT market, which would take us one step closer to ensuring fair payments for all creators, no matter how big or small, and lessen the risk of intellectual property disputes.

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