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Photo: Bloomberg

The Days of NFT Royalties May Be Numbered; Bankman-Fried’s Twitter Influence; Who’s Using Mastodon?

By  |  Nov. 8, 2022 2:10 PM PST
Photo: Photo: Bloomberg

Traders: 1. Creators who earned money by turning their art into non-fungible tokens: 0. 

Previously, those creators received a cut every time their NFT was sold—often between 5% and 10% of the sale price. But more recently some marketplaces have removed the requirement to pay royalties on NFTs. Traders love getting more for less, and no mandated costs mean lower prices. No surprise then, that they jumped to no-royalty marketplaces in droves.

Last month, popular Solana-based marketplace Magic Eden made paying royalties optional, which struck fear into the wallets of NFT creators. They now have more reason to worry after OpenSea’s cryptic message on Monday. The marketplace wrote in a Twitter thread that its team is still thinking about whether it will add on-chain enforcement for royalty payments to existing NFTs and plans to announce plans on Dec. 8. 

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