[VERGE] A key feature of NFTs has completely broken

This is the best summary I could come up with:

One of the big promises of NFTs was that the artist who originally made them could get a cut every time their piece was resold.

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.

The marketplace will continue enforcing the fees on certain existing collections until March 2024, at which point they’ll become optional on all sales.

Critics say it will hurt small artists and undermines creators’ ability to control their relationship with the people who buy their work.

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.

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3 comments

It was always a grift, so this is pretty unsurprising.
This is the best summary I could come up with:
One of the big promises of NFTs was that the artist who originally made them could get a cut every time their piece was resold.
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.
The marketplace will continue enforcing the fees on certain existing collections until March 2024, at which point they’ll become optional on all sales.
Critics say it will hurt small artists and undermines creators’ ability to control their relationship with the people who buy their work.
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.
I'm a bot and I'm open source!
A feature of a scam is broken? Wow how unexpected.