NFT Makers Suddenly Lose A Significant Source Of Income
Join Our Telegram channel to stay up to date on breaking news coverage The abolition of creator royalties by major NFT collections, marketplaces, and platforms is a developing trend in the NFT industry. This is the direction DeGods and its affiliated collections y00ts and t00bs moved in when they announced they would be removing their creator royalties from secondary transactions across the three collections. This collective is one of the largest NFT collectives on Solana by floor price (275 SOL, or $8,250) and trading volume (1.4 million SOL, or $42 million). The project’s creators updated the DeGods collection at the time of the announcement to indicate that royalties will decrease from 9.99% to 0%. Our next experiment. pic.twitter.com/VmoDfXvcyu — DeGods (@DeGodsNFT) October 9, 2022 Following DeGods’ announcement, Magic Eden, the top Solana NFT marketplace with 77% of the market share by trading volume , declared that it will stop enforcing royalties in...