Billionaire investor Mark Cuban recently criticized OpenSea's decision to make creator fees optional for NFTs. Cuban called this a "huge mistake" and said that it would hurt creators and diminish trust in the platform. OpenSea is the largest NFT marketplace, and its decision to make creator fees optional could have a significant impact on the NFT space.
Currently, creators of NFTs on OpenSea can set a royalty fee that they will receive every time their NFT is resold. However, under the new optional royalty model, creators will have to choose whether or not to include a royalty fee when they mint their NFT. This means that some creators may choose not to include a royalty fee, which could hurt their earnings in the long run.
Cuban argues that making creator fees optional is a mistake because it will make it more difficult for creators to make a living from their work. He also believes that it will diminish trust in OpenSea, as creators will no longer be guaranteed to receive royalties on their NFTs.
Cuban believes that the only way to solve this issue is to enforce royalties on the blockchain level. This could be done by using a protocol like Metaplex, which allows for royalties to be enforced on Solana NFTs. Metaplex is a non-custodial NFT minting platform that allows creators to set royalties that are enforced on the blockchain. This means that creators can be sure that they will receive royalties on their NFTs, regardless of how many times they are resold.
Conclusion:
Cuban's criticism of OpenSea's optional royalty model is a reminder of the importance of royalties for creators. Royalties are a way for creators to make a living from their work, and they also help to ensure that creators are rewarded for the value they create. The NFT space is still in its early stages, and there are still many challenges that need to be addressed. However, the development of protocols like Metaplex that can enforce royalties on the blockchain is a step in the right direction. This will help to protect creators and ensure that they are fairly compensated for their work.
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Mark Cuban vs. OpenSea Stupidity