21/08/2023 A key feature of NFTs has completely broken

Image representing NFTs with pixelated blocks made up of purple squares.

Illustration by Alex Castro / The Vergenone

One of the big promises ofNFTswas that the artist who originally made them could get a cut every time their piece was resold. Unfortunately, that’s not the case anymore.

OpenSea, the biggest NFT marketplace still fully enforcing royalty fees,said todaythat it plans to stop the mandatory collection of resale fees for artists. Starting March 2024, those fees will essentially be tips —an optional percentage of a sale price that sellers can choose to give the original artist. If the seller doesn’t want to hand over any money, that’ll be their choice.

The NFT ecosystem has been on a race to the bottom when it comes to fees. As the market for NFTs collapsed, marketplaces have lowered their own trading fees and stopped enforcing royalty fees in order to attract sellers. Blur, which has overtaken OpenSea as the biggest NFT marketplace by trading volume, only enforces a 0.5 percent fee on most collections, whereas creators typically set their fees at 5 to 10 percent.

OpenSea will stop enforcing royalty fees on all new NFTs starting August 31st. The marketplace will continue enforcing the fees on certain existing collections until March 2024, at which point they’ll become optional on all sales.

Judging by the responses to OpenSea’sX postabout the changes, many in the NFT community are not thrilled by this. Critics say it will hurt small artists and undermines creators’ ability to control their relationship with the people who buy their work.

OpenSea’s changes are “fundamentally wrong and hurts the entire NFT space,” Wildcake, the founder of the Posers NFT collection, tellsThe Vergein a DM. Wildcake said the change is particularly disruptive to creators who built a business plan around enforced royalties, like the Posers team had with a blockchain game they’ve been developing. “OpenSea decided to turn off this last opportunity to earn profit. As a result, we have been working for five months for free.”

Others, including OpenSea, are trying to frame it as a necessarily, positive change as the marketplace evolves. OpenSea CEO Devin Finzer criticized the fees’ “ineffective, unilateral enforcement” and said that creators will find other ways to monetize their work.

“Our role in this ecosystem is to empower innovation beyond a single use case or business model,” he writes in the blog post announcing that OpenSea will no longer support the ecosystem’s primary business model.

Arts

https://www.theverge.com/2023/8/17/23836440/nft-creator-royalty-fees-are-dead-opensea-optional

Interesting NFTs
Michael Jordan - Crown Collection
“All you needed was one little match to start that whole fire.”- Michael Jordan. In regards to both the action on the court and everything that happened off of it, Jordan provided a spark that changed the future in so many different ways throughout his tenure in Chicago, and even decades after the fact. And, in the end, he got everything that he wanted when he began his NBA journey: he turned the team and organization as a whole into a respected program, like the dynasties he looked up to as a child. Having steered the Chicago Bulls to an incredible six championship rings in eight years from 1991-1998, scooping up five MVP awards in the process, Jordan is one of just a handful of superstars who have truly transcended their sports. Jordan and Scottie Pippen’s (right) relationship both on and off the pitch was arguably the foundation of the Bulls’ incredible success. Scottie Pippen was present with Jordan for all six championships in eight seasons. Dennis Rodman (left) His relentless and smart play perfectly suited what Jordan and Jackson wanted to do to take the Bulls to greater heights. Although his exploits off the court earned him special fame, Rodman was unquestionably one of the greatest basketball players of his generation and one of the finest defensive players in the history of the game.
Bored Ape Yacht Club #9361
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation.
CryptoKitties
Yo! I'm Kitty #449321. In high school, I was voted most likely to work at NASA. Sometimes I daydream of a life full of tripping my owner, ice cream, and swiping right. We can be friends, but keep the ultra purrsonal stuff to yourself, please.
#95342
By OthersideDeployer
Hell Riders
A still image NFT. Exclusive to makersplace. February 2020.