- OpenSea, recently via Twitter, have validated the appreciation given to them by the creators for their recent royalty-based policy and launched Thai Tool.
- The Thai tool blocks royalty-evading transactions and gives discretionary powers to creators to manage their business choices.
- The platform stressed the fees of collectables and collections on their platform and talked about protecting the creators of the community.
OpenSea, the first and the largest NFT marketplace and crypto collectables, has raised the news again with its comment on the creator’s community. They believe that in today’s competitive world, users need to honour the existing creators of the web3 world and not only the new upcoming ones.
1/ After hearing the passionate voices from the creator community last week, we believe marketplaces should honor a creator’s choice to set fees on existing collections, not just new ones. Thread 👇— OpenSea (@opensea) November 15, 2022
To clarify that, they further elaborate that they are explicitly talking about the fees on the collectables and collections. Last week, they also launched a marketplace filter that the collections can use to protect the creators of the web3 ecosystem. Thai tool focuses on blocking the royalty evading transactions giving the creators a choice to protect their business models.
The organization added that they would remove the filter in two scenarios: first, if the marketplace respects the creator fees for the new projects and the on-chain creator fee enforcement, and second if it will protect the creator fees for the existing projects.
Moreover, they took this step to develop a tool to protect the creator of the fee evasion data and specify that this solution is urgently needed. The marketplace management understands that many creators depend on these fees and want to respect their choice collectively. The idea is to forget the costs and start competing on the product.