Illustration by Alex Castro / The Verge
One of the big promises of NFTs was that the artist who originally made them could get a cut every time their piece was resold.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 today that 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…