Mocaverse Postpones Public Casting Time Due to OpenSea Policy
According to the report, the NFT series Mocaverse of Animoca Brands announced that because OpenSea recently adjusted the royalty policy, the on-chain royalty o…
According to the report, the NFT series Mocaverse of Animoca Brands announced that because OpenSea recently adjusted the royalty policy, the on-chain royalty of Mocaverse under the current policy will not be fully implemented and cashed, so Mocaverse will postpone the public casting time.
Animoca Brands NFT series Mocaverse announced postponement of casting
Interpretation of the news:
Mocaverse, an NFT series by Animoca Brands, has announced that it will be postponing its public casting time due to OpenSea’s recent adjustment in its royalty policy. The on-chain royalty for Mocaverse under the current policy will not be completely implemented and cashed, which has prompted Mocaverse to delay its public casting.
This development highlights the growing importance of royalty policies in the world of NFTs. Royalties are payments made to creators every time their NFT is resold, with a certain percentage of the sale price going back to the creator or their chosen beneficiary. OpenSea, a popular NFT marketplace, had previously outlined a 2.5% royalty fee for all sales made on its platform. This fee was to be split between the artist and the platform, with the artist receiving 10% and the platform receiving 90%.
However, in a recent update, OpenSea announced that the royalty rate would be lowered to 1.5%. This will affect all NFTs sold on the platform, including Mocaverse. The reduced royalty rate means that creators will receive less compensation when their NFT is resold, which could impact the profitability of their work and their willingness to continue creating NFTs.
In response to this development, Mocaverse has decided to postpone its public casting time. The on-chain royalty for Mocaverse under the current policy will not be fully implemented and cashed, meaning that the creators of Mocaverse will not receive the intended percentage of the sale price when their NFTs are resold. This has understandably affected their ability to launch their series successfully, and they have decided to wait until a more favorable royalty policy is in place.
In conclusion, the delay in the launch of Mocaverse highlights the need for clarity and consistency in royalty policies in the NFT ecosystem. Creators rely on these policies to ensure that they are fairly compensated for their work, and changes to these policies can have significant consequences for the creators’ abilities to continue creating and profiting from their art. It remains to be seen whether OpenSea will revisit its decision regarding royalty rates or whether other NFT platforms will step in to offer more favorable policies to creators.
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