Retract Royalties, Reduce Revenue: NFT Creators Are Suffering and so Are Marketplaces

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Retract Royalties, Reduce Revenue: NFT Creators Are Suffering and so Are Marketplaces
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NFT marketplaces are dropping their royalty requirements and creators are suffering. But so are the platforms themselves, raising questions as to how this trend may impact the market down the line. camlearnscrypto reports:

buyers to pay royalties on the platform. Instead, they would be allowed to elect the percentage they would like to contribute to the artist rather than being forced to pay an amount chosen by the creator. That percentage can be 0 on most purchases.. “As such, X2Y2 would like to make sure we are ready [and] staying on top of market movements.”In October, Solana-based NFT marketplacesaid it would adopt a similar model, making creator royalties optional.

With NFTs, artists most commonly select a percentage they want buyers to pay in royalties when they first list their NFT for sale.

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