Giving you the most important stories in crypto gaming and NFTs from the week (17 October - 23 October) - by CryptoXxplorer enterthemetaverse cryptogaming
It all started in the summer of 2022 with SudoSwap when they cut the trading fees to 0.5% and removed the creator royalties.Last week, Magic Eden, the leading NFT marketplace on Solana, moved to optional NFT royalties as well, sparking an industry-wide debate.
So as of now, more than +30% of the NFT market is dominated by NFT marketplaces that don't use royalties.Royalties provide NFT creators will cashflow from secondary NFT sales. While creators make money from the mint, getting paid consistently from royalties is another great source of income. One of the main use cases for NFTs was the monetization available for creators. There are two sides to this argument, so we would like to introduce you to 2 teams:Creators were promised better monetization on web3 with NFT royalties. Now it looks like, at best, they were misled and, at worst, cheated from another source of income.NFT founders make more money from the mints than the NFT royalties. The average NFT creator on Magic Eden makes only 8% of its revenue from royalties.
The problem is that while most projects make more money from mints than royalties, especially in the bear market, the downstream effects will be worse. Top artists like Tyler Hobbs can still make a killing from their mints, but what about the small-time creators?
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