A widely followed crypto strategist believes that altcoins are gearing up for a rally with a magnitude never seen before in the current market cycle. Pseudonymous analyst Altcoin Psycho tells his 493,700 followers on the social media platform X that altcoins historically witness big bursts to the upside during a bull market’s second inning. According […]
The post Analyst Predicts ‘Craziest’ Leg Up for Altcoins, Says One Class of Crypto Assets Is Next To Rally appeared first on The Daily Hodl.
OpenSea’s royalty enforcement tool Operator Filter is going to be turned off, according to the NFT marketplace’s founder and CEO, Devin Finzer.
Nonfungible token (NFT) marketplace OpenSea is sunsetting its on-chain royalty enforcement tool — Operator Filter — that allows creators to blacklist NFT marketplaces that don’t enforce royalties.
The change is set to take effect on Aug. 31, according to an Aug. 17 statement by OpenSea founder and CEO Devin Finzer.
The Operator Filter feature was first introduced in November 2022 and was described as a “simple code snippet” that could restrict NFT sales to only marketplaces that enforced creator fees.
Starting Aug 31, we’ll:
— OpenSea (@opensea) August 17, 2023
- Sunset the OpenSea Operator Filter
- Move to optional creator fees on all secondary sales for new collections
- Improve visibility of creator fee settings and listings on buyer & seller side
More below:
However, Finzer said that the tool hadn’t had the success they had hoped, as it didn’t have the needed support from the NFT ecosystem.
Finzer claimed that NFT marketplaces such as Blur, Dew and LooksRare had circumvented the Operator Filter by integrating the Seaport Protocol to bypass OpenSea’s blacklist and therefore avoid creator fees.
Finzer said they also saw pushback from creators, who saw the tool as encroaching on their control over where their collections were sold.
“We have heard from some creators that the Operator Filter limits their sense of control over where their collections are sold, and at the same time may collide with a collector’s expectation of full ownership.”
“The Operator Filter’s restrictions come at the expense of decentralized ownership,” he added.
Finally, Finzer explained that while creator fees are useful for certain business models, its only one of many revenue streams available to creators and there are a number of other use cases of NFT technology that need to be considered.
We’ve had a few learnings since launching our Operator Filter:
— OpenSea (@opensea) August 17, 2023
- It relied on opt-in from the entire ecosystem, which didn’t happen
- Creator fees choice is important for collectors and creators
- Creator fees are just one of many revenue streams available to creators in web3
“We’ve dedicated a large part of our roadmap to power new use cases — starting with digital and physical redeemables — and to merchandise those use cases more effectively across primary and secondary experiences,” he said.
Related: Reddit prepares to drop Gen 4 collectible avatars on Polygon
Starting from Aug. 31, the Operator Filter will no longer block any marketplaces. However, any collections that are using the tool and for existing collections on non-Ethereum blockchains, the creator’s preferred fees will be forced up to Feb. 29, 2024.
“To be clear, creator fees aren’t going away — simply the ineffective, unilateral enforcement of them,” Finzer added.
The move is considered by some to be a potential blow for NFT artists looking to make passive income.
Several members of the NFT community expressed disappointment toward OpenSea’s decision, stating on Aug. 17 that collectors should support NFT creators on platforms that mandate royalties:
Opensea is caving into pressure from its competitors to kill royalties.
— ROCKΞT (@RocketEGC) August 17, 2023
As members of nft communities the best way to impact this royalty problem and support your project is to only use platforms that will support your communities and honor their royalties.
Stop supporting…
However, a Reddit avatar artist believes it may have been the right move, suggesting the business model aimed to profit too much off of hype trading.
Magazine: NFT Collector: Grails’ lucky dip of famous NFT artists, new hope for PFP holders
Non-fungible token (NFT) marketplace LooksRare has launched its highly anticipated V2 iteration, which drastically lowers fees and aims to ship a myriad of new features. According to LooksRare developers, protocol fees have been slashed from 2% down to a fixed 0.5%. Previously, NFT sellers on LooksRare received Wrapped Ethereum (WETH) from buyers. Now, under V2, […]
The post NFT Marketplace LooksRare Launches V2, Says New Iteration Scalable, Efficient and Flexible appeared first on The Daily Hodl.
Looksrare, the non-fungible token (NFT) marketplace, has launched version two, also known as v2, which reduces protocol fees by 75%. According to statistics from Dune Analytics, Looksrare was the tenth-largest NFT marketplace in terms of trader count during the past week. NFT Market Protocol Looksrare Launches v2 NFT marketplace Looksrare announced the launch of version […]
After a significant spike in February, sales of non-fungible tokens (NFTs) in the last seven days are 32.32% lower than last week. Of the 19 different blockchains, Ethereum accounted for $148.56 million out of the total $186.20 million in NFT sales settled this week. NFT Sales Decline Following February Spike in Digital Collectible Purchases During […]
Non-fungible token (NFT) sales have soared this past week, climbing 138.15% higher than the week before. Sales recorded between last Friday and Feb. 24, 2023, indicate that $801 million in NFT sales have been settled over the last seven days. Ethereum Digital Collectibles and Mutant Ape Yacht Club Lead NFT Sales Surge While crypto asset […]
The largest marketplace for non-fungible tokens (NFTs), Opensea, has announced major changes to its fee structure and policies in response to a shift in the NFT ecosystem. The company detailed that it will drop fees to zero for a limited time and offer an optional creator earnings model with a minimum of 0.5% for all […]
The Blur non-fungible token (NFT) marketplace launched its native token this week, and users who were awarded token allotments received “care packages.” Blur tokens began trading at noon on Feb. 14, reaching a high of $5.02 per token. However, the coin has since dropped more than 85% against the U.S. dollar. BLUR Token Launch Records […]
On Thursday, the fiat-to-crypto onramp business Moonpay announced a multi-year partnership with the non-fungible token (NFT) marketplace Looksrare. According to the deal, Looksrare will allow marketplace users to buy and sell crypto assets through Moonpay’s services. Moonpay and Looksrare Join Forces to Streamline NFT Transactions Moonpay, the fiat-to-crypto service founded in 2019, revealed that it […]
Blur, the non-fungible token (NFT) marketplace, has seen a significant increase in volume since its launch in October. According to statistics from Dune Analytics, Blur has captured about 30% of the market share in terms of sales volume. The NFT marketplace leader, Opensea, commands 48% of the market share. Blur NFT Marketplace Captures 30% of […]