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Are NFT Fees Crushing Creators? Origin Story has a solution
Origin Story aims to revolutionize the market by getting rid of NFT fees. It now offers free white-label marketplaces for creators who want to regain control of their royalties. Following a vote by Origin Protocol token holders, the proposal to forgo 100% of Story’s revenue to support creators and their communities has been overwhelmingly approved. The move comes as major NFT marketplaces, such as OpenSea and Blur, have drastically cut royalties for creators, prompting NFT collections to search for more supportive options.
Since its inception, Origin Story has enabled tens of millions of dollars in NFT transactions. It has also partnered with famous brands and individuals such as Pudgy Penguins, 3LAU, Paris Hilton and Roofstock. Creators often rely on royalties as their primary source of income, but recent decisions by OpenSea and Blur to prioritize profits over creators has left many looking for new ways to sustain their business. Matthew Liu, the co-founder of Origin Protocol, explains the motivation behind the proposal:
“We’ve gotten dozens of NFT collections to us since OpenSea cut royalties for creators to almost zero. Generating royalties is a big part of most NFT collections and is the primary way collections can generate sustainable income. As a creator-first marketplace, I submitted a proposal to cut Origin’s marketplace fee to zero to remain competitive while supporting 100% creator royalties. Although these marketplace revenues are rewarded to OGN holders, the proposal was met with open arms and was passed with the vast majority of voters in support of the proposal.”
Origin Story eliminates NFT fees, empowers creators
Origin Story distinguishes itself as a creator-first platform, offering unique NFT tools directly through its partners’ storefronts. Apart from the recent exclusion of NFT fees, the platform provides token-gated access, whitelisted collections and community-driven analytics. These features enable web3 companies to regain control of their communities and secondary market volume.
Frustration over reduced royalties and high NFT fees has led to collections blocking both OpenSea and Blur’s smart contracts. By directing sales through its official marketplace, Roo Troop, a charitable NFT partner of Origin, can continue to generate revenue from secondary sales. Roo Troop founder Morgan Stone claims that buyers are primarily discovering NFTs through social channels rather than marketplaces. According to him, they make the transition to an internal marketplace even more beneficial for creators and their communities.
Sustainable income for Web3 businesses
As the NFT industry continues to evolve, creators must secure sustainable revenue streams to drive growth and innovation. Origin Story is committed to helping web3 businesses achieve financial stability. Getting rid of NFT fees could unlock billions of dollars in value and pave the way for further advancements in the space. Origin Protocol may be poised to become a leading force in the rapidly growing world of NFTs and decentralized finance.
