OpenSea Unveils Tool to Collect Royalties from NFT Collections

NFT marketplace OpenSea has introduced a royalty collection tool that will now be applied to new collections of NFTs.

According to the marketplace:

“Understandably, many authors want to be able to charge commissions on the chain. We believe the choice should be up to them, not the marketplace.”

Starting today, the platform will begin charging commissions only for new collections that use the appropriate tool.

The announcement reads:

“In the coming months, we will launch additional options and enhancements for fees on new collections. We will engage with the community to get feedback along the way.”

OpenSea has said that it’s already thinking about alternatives to help authors of existing collections navigate the changes in the NFT marketplace.

They promised not to introduce any changes for the latter until at least December 8.