Origin Story aims to revolutionize the market by getting rid of NFT fees. It now offers free white-label marketplaces for creators seeking to regain control of their royalties. Following a vote from 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 creator royalties, prompting NFT collections to search for more supportive alternatives.
Since its inception, Origin Story has enabled tens of millions of dollars in NFT transactions. It has also partnered with renowned brands and individuals such as Pudgy Penguins, 3LAU, Paris Hilton, and Roofstock. Creators often rely on royalties as their primary revenue source, but recent decisions by OpenSea and Blur to prioritize profits over creators have left many searching for new avenues to maintain their businesses. Matthew Liu, the co-founder of Origin Protocol, explains the motivation behind the proposal:
“We’ve had dozens of NFT collections reach out to us since OpenSea cut creator royalties to nearly zero. Creator royalties are a huge part of most NFT collections, and it’s the primary way collections can create sustainable revenue. As a creator-first marketplace, I submitted a proposal to cut Origin’s marketplace fee to zero in order to remain competitive while still supporting 100% creator royalties. Even though this marketplace revenue is rewarded to OGN holders, the proposal was met with open arms, and it 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 utilities directly through partners’ storefronts. Apart from its recent exclusion of NFT fees, the platform provides token-gated access, whitelisted collections, and community-driven analytics. These features empower web3 businesses to reclaim control over their communities and secondary marketplace volume.
Frustration over reduced royalties and high NFT fees has led collections to block both OpenSea and Blur’s smart contracts. By routing sales through its official marketplace, Roo Troop, a charity NFT partner of Origin, can continue to generate revenue from secondary sales. Roo Troop founder, Morgan Stone, asserts that buyers are primarily discovering NFTs through social channels rather than marketplaces. According to him, they are making the move to an in-house marketplace even more beneficial for creators and their communities.
Sustainable Revenue 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. Doing away with NFT fees could unlock billions of dollars in value and pave the way for further advancements in the space. Origin Protocol is may poised to become a leading force in the rapidly growing world of NFTs and decentralized finance.