Conversation

NFT profile picture
OpenSea
@opensea
2/ The revolutionary potential of creator fees has been under attack for months. Marketplaces that do not respect creator fees have been rapidly growing in prominence, and creators, in turn, have seen their effective creator fees severely diminished.
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NFT profile picture
OpenSea
@opensea
3/ It’s an existential imperative for the space to preserve creator fees. Recently, OpenSea took a step intended to protect them by releasing an on-chain enforcement tool called the Operator Filter.
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NFT profile picture
OpenSea
@opensea
4/ The tool is very much a v1, and we acknowledge that there are flaws that need to be addressed as we iterate further. Our first step towards a better v2 is to decentralize management and governance of the registry — initially, by granting control of it to CORI.
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NFT profile picture
OpenSea
@opensea
5/ The charter of CORI is to create a decentralized body tasked with: - Open, transparent governance of the existing Operator Filter registry and the policies that surround it - “Built in public” R&D focused on improving mechanisms for creator fee enforcement in the future
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NFT profile picture
OpenSea
@opensea
7/ This has been a very hard month for the community, and we acknowledge that at times the choices we made were hasty and unaccommodating to some creators’ needs. There are ultimately no perfect solutions to the industry’s drift away from respecting creator fees.
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NFT profile picture
OpenSea
@opensea
8/ Our number one goal is to incentivize a shift in the industry back towards respecting creator fees universally — so that on-chain enforcement tools can become an option for some, but not a requirement for all.
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NFT profile picture
OpenSea
@opensea
9/ Our hope is that bringing the conversation into a more public and inclusive forum can reduce the thrash industry players have experienced, and can build more community buy-in for the space’s evolving standards around creator fees.
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NFT profile picture
OpenSea
@opensea
10/ We’re glad to join in this effort with our colleagues across the industry. We also emphatically welcome
@blur_io
,
@looksrare
, and
@sudoswap
to revert their stances on creator fee avoidance and join the conversation as members of CORI.
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NFT profile picture
OpenSea
@opensea
Replying to
@opensea
12/ As part of this change, we’ve made a few adjustments to OpenSea’s creator fees policy to accommodate feedback we’ve heard over the past month. More on that below ⬇️
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NFT profile picture
OpenSea
@opensea
13/ Initially, collections launched after November 8th were required to implement filtering of creator fee-evading marketplaces in order to set enforced creator fees on OpenSea…
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NFT profile picture
OpenSea
@opensea
15/ We heard the feedback loud and clear that this window of time was not sufficient, so we’ve extended the deadline for when new collections will be required to comply with the creator fee enforcement standard to January 2nd, 2023 across all EVM chains.
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NFT profile picture
OpenSea
@opensea
16/ Additionally, we’ve heard compelling pushback from creators on the lack of an alternative mechanism for earning creator fees on OpenSea outside of leveraging our enforcement tool.
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NFT profile picture
OpenSea
@opensea
17/ To that end, starting January 2nd, 2023, creators that opt out of on-chain creator fee enforcement will be able to set creator fees that are optional for collectors to comply with.
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NFT profile picture
OpenSea
@opensea
18/ Lastly, in order to enforce a more consistent, on-chain standard for creator fees, we’ve amended the operator filter’s policies to require that contracts deployed after January 2nd implement EIP 2981 as their objective source of truth for creator fee preferences.
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NFT profile picture
OpenSea
@opensea
We know that was a lot, but these details are important and we want to keep you in the know. Thanks for reading this whole 🧵and more to come soon 💙
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