The Web3 community is in turmoil. On August 17, OpenSea said that it stops the mandatory collection of resale fees for artists.

Dematerialzd is brought to you by NEAR. 

NEAR isn't just a Layer 1 blockchain - it's the Blockchain Operating System for an open web. Unlike other next generation blockchains, NEAR was built from the ground up to be easy to build on for developers and accessible and simple to onboard for their users. Create and discover decentralized apps, and help build the future of the web, today.

Explore NEAR

The promise of NFTs

NFTs once promised that artists would earn a share every time their creation was resold, termed "royalty fees".

These fees underpinned the NFT boom of 2021/22, championing a vision of the web where creators receive due rewards, all facilitated seamlessly on the blockchain. The idea was that these fees, embedded in NFT smart contracts, would be enforceable.

In reality, royalties have largely been dead for a while, even though OpenSea tried to uphold them. Until recently.

Now, OpenSea will stop enforcing royalty fees on all new NFTs starting August 31st. More is available in the press release.