NFT Market May Completely Die into History: Its Most Important Feature Is Removing!

The trend of crypto asset markets over the past years has been NFTs. Blockchain-based NFTs, also known as immutable tokens, in its simplest terms, allowed any digital content to be licensed and owned by only one person. One of the striking features of the technology, which made a great impression at that time and in which people poured huge sums of money, was the protection of the rights of the authors.

When you sell a licensed work in the NFT world, you get paid for it. If someone who bought your work later transferred it to someone else, you, as the owner of the work, were getting a share from this sale. However, the latest news shows that this situation will change. According to the statement made by OpenSea, one of the largest NFT marketplaces in the world, when the calendars show March 2024, there will be huge decreases in the revenues of NFT creators.

There will be some kind of tipping system!

A few examples of NFTs from the popular NFT collection The Bored Ape.

According to the statement made by OpenSea, as of March 2024, the obligatory giveaway period to the NFT creator in resales will end. When a user who buys NFT wants to sell this work, he will only give money to the original owner if he wants to. The seller can either give a certain percentage of the sales revenue to the owner of the work or choose not to pay a penny. In other words, there will be a transition to a kind of “tip” system.

NFT creators didn’t like OpenSea’s decision. “Wildcake”, the leader of the team that created an NFT collection called “Posers” and is now working on a blockchain-based game, told The Verge that OpenSea did such a thing to increase its own profits, but this decision will bring the end of the NFT industry. According to Wildcake, NFT creators will work “for free” in the new era because NFT revenues will only come from the first sale. OpenSea, which opposes this view, stated that NFT creators are looking for new ways to sustain their income. The NFT sector, which has already collapsed in terms of market volume, may well regress with this decision.