A winter storm is shaking the NFT token industry. With the epicenter of the platform’s recent decision magical eden to make copyright optional. Because this only confirms a trend that is spreading to the detriment of the artists and other creators of these collections. A paradigm shift towards which Offshore platform finally put in place. But this does not reassure the community at all …
Is this due to the current bear market? Whatever, the trend of the NFT industry seems to be going in the opposite direction to that of its creators and artists. With a real epidemic of options, the payment of royalties (between 5% and 10%) set by the latter on secondary markets. And, according to the best-selling author and subject matter expert Bobby Hendredan “abandonment” of this principle that “upsets the entire mission of Web3”.
” Philosophically, the abandonment of creators’ royalties disrupts the entire mission of Web3 / NFT. Until now, the main thesis of this amazing technology has been to ensure that artists get paid for their work. (The way it could go remembers what happened with the music industry). “
A face-to-face problem that the Opensea platform had hitherto maintained an ear-breaking silence. But his recent stance may make us regret this era. Because it clearly hasn’t reassured an already very burned NFT community. Explanations …
Opensea – A worrying “thoughtful approach”
Opensea’s strategy in the NFT sector is not always well received by its community. It must be said that everything is more complicated when you are the head of a nascent economy. Probably why the latter waited to know the general trend, finger pointing in the direction of the wind, before taking a position on copyright matters. And in the end it comes to agree on another month to think about it, with a deadline set for 8 December. And the announcement of the development of some features to try to provide solutions.
” It is clear that many creators want the ability to apply on-chain fees and we believe the choice should be theirs, not the market. So we’re building tools that hopefully balance the scales by giving creators more power to control their business model.”
But in reality the Opensea platform is said to be “open” to all eventualities beyond this fateful date. That is with “options ranging from continuing to apply off-chain fees for certain subsets of collections, to allowing optional creator fees”. Suffice it to say that it is tantamount to saying nothing. While leaving the possibility of aligning with a NFT market that is decidedly indifferent to the future of its creatives.
Opensea – A blacklisted competition
Because, not surprisingly, making these fees optional is simply equivalent to canceling them. Reason why, at the same time, Opensea unveils line of code unlikely to be incorporated into recently launched NFT smart contracts. This is to be able to prevent platforms that do not apply these copyrights from exchanging the collections in question. All with the help ofa blacklist which ultimately corresponds to its main competing markets. Is this the condition? sine qua non to be able to claim copyright on its platform? There are (almost) no doubts.
” To this end, today we are launching a tool for the on-chain application of creative commissions for * new collections *. Starting at 12pm ET on Tuesday, November 8, OpenSea will apply build fees only for new collections using this on-chain application tool.. “
A code available on the GitHub site whose name is quite explicit: “Operator filters registry“. A “first version” capable of block the exchange of NFTs on copyright-free platforms. And whose evolution – and evaluation – will depend on the comments left by the community on the subject. All inspired by the institution of an option of this type by the “generative” artist. Tyler Hobbsat the origin of the famous Art blocks, as part of his latest QQL project. Why consider the loss of these royalties would be “a real tragedy” for the nascent NFT market. Because they offer artists the legitimate possibility “to provide for (their) needs thanks to (their) work. “
An option presented by some as simply anticompetitive. Because this is equivalent to blocking decentralized platforms that do not apply copyright in order to be able to claim them within the highly centralized structure that is Opensea. But in the end the problem is the other way around. How can decentralized actors build their economic model by denying an essential foundation of the Web3: the empowerment of its actors and the sustainable fair remuneration of its artists?. Because there is nothing innovative about excluding the latter from the speculation that can be generated by their works on secondary markets …
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