Rare jumps in the NFT bandwagon look royalty-free, details inside

Cancellation Copyright From large groups, markets and platforms (Non-Fungible Token) (NFT) is an evolving trend in the NFT industry.

In a similar step you have Ethereum NFT Market, looks rare, lately most dangerous It no longer forces merchants to pay royalties on transactions. This announcement was made on October 27. As a result, they were effectively included in platforms and groups that promoted the no-equity trend.

Understand the concept of NFT ownership

Primary sales of NFTs and ongoing and permanent royalties from secondary deals are the main sources of income for NFT developers.

Depending on how the market executes the transaction, royalties are often set at a certain percentage of the NFT price paid by the buyer or seller. The creators set the royalty percentage, which is usually set between 5% and 15%.

LookRare said royalties for creators will from now on be optional, as will other platforms and groups that have joined the zero royalty bandwagon.

Contrary to the previous fixed nature of fees, buyers will now be allowed to decide whether or not to choose to pay a royalty.

Similar policy was also recently open From Magic Eden, although it seems like an option they don’t particularly like. In each transaction, the buyer will decide whether or not to pay a royalty, according to Magic Eden’s alternative strategy.

It is treated as advice to the creator by giving buyers the option not to pay royalties. In one of his last moves earlier in October, DeGods adopted The same policy will apply to other groups that have it.

Twitter to enable NFT viewing and trading

At the same time, on October 27, the social networking site Twitter also posted most dangerous That, in partnership with four markets, will enable users to buy, sell and view NFT instantly through tweets.

The connector, known as NFT Tweet Tiles, features a button that allows users to link to an item in the Marketplace while viewing NFT artwork in its own tile within a tweet.

The four markets included in the testing phase for this functionality from Twitter are Magic Eden, Rarible, Dapper Labs, and Jump.trade.

In terms of transactions, 2022 was not the best year for the crypto business, particularly the NFT, as several reports indicated that trading volumes have declined.

The move toward zero royalties may be related to consumer perceptions of NFTs as unprofitable. Due to the widespread belief that NFTs are only useful for art, they have received a lot of criticism.

However, large-scale applications of NFT will become more widely accepted, and perhaps this will change the way people view the sector.

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