SNEAK PEEK
- After hearing from people from time to time, OpenSea decided to call it “creator earnings.”
- “Creator earnings” do not include money earned by the creator from the initial sale.
- Opensea thinks that there is still a more accurate classification than “royalties.”
On January 12, 2023, OpenSea tweeted that “Creator Fees” would now be referred to as “Creator Earnings.” Since a lot of people have been asking for this change from time to time, OpenSea has officially changed the term.
In speaking with a number of creators, we heard time and time again that the term “Creator Fees” doesn’t fully reflect their impact and true nature.
— OpenSea (@opensea) January 11, 2023
Starting today, we will exclusively call “creator fees” → “creator earnings” 🧵
There are a few things they should keep in mind while they make this change: they continue to feel there is a better categorization than “royalties”. “Creator earnings” in this case do not include creator money from the first sale.
In one of their tweets, they also explained why they don’t call them royalties. Because the phrase “royalties” has different connotations in different circumstances, and the title isn’t even relevant to all forms of NFTs, In other situations, for example, producers stressed that royalties entailed the licensing of their content rather than merely supporting their efforts. Its meaning is not as consistent as many believe.
They are pleased to continue refining the language users use on their platform, and they appreciate the continued interaction with the community.OpenSea is a platform for non-fungible tokens (NFTs) where people can purchase, sell, or produce NFTs. It is a noncustodial system that offers consumers complete control over and access to their bitcoin wallets. Users engage with other customers directly to purchase or sell an NFT or a package of NFTs. As of November 2022, it is the biggest NFT market maker, with over 2.4 million registered users and a daily exchange volume of $6.03 million.
