Merchants: 1. Creators who made money by turning their art into immutable tokens: 0.
Previously, these creators received a cut every time their NFT was sold – often between 5% and 10% of the sale price. But recently some markets have removed the requirement to pay royalties on NFTs. Dealers want to get more for less, and no mandated costs mean lower prices. It is not surprising then, that they jumped into the markets without kings in groups.
Last month, the popular Solana-based market Magical Eden made the payment of royalties optional, which struck fear into the wallets of NFT creators. They now have more reason to worry about Open SeaMonday’s secret message. The market wrote in a Twitter thread that his team is still considering whether to add on-chain implementation for royalty payments to existing NFTs and plans to announce plans on December 8th.
