OpenSea, one of the largest NFT marketplaces on the internet, is making royalty fees to artists an option instead of making them mandatory.
that making the fees mandatory was not enforceable due to technical issues with its operator filter, which is software that made sure artists would not have their artwork sold without royalties.
"The majority of volume continues to move to zero creator fees, a trend we’ve seen build steadily throughout this year," wrote CEO Devin Finzer.basically cutting ties"For as much as NFTs have been about users truly owning their digital assets, they've also been about empowering creators," . "Yuga believes in protecting creator royalties so creators are properly compensated for their work.", with newly minted collections and older works not selling like they were previously. Maybe people are distracted by AI hype, or have finally wised up to the idea that owning a JPEG, which can be saved with a click, doesn't have the same ROI as owning a physical piece of art.
But however it shakes out, it's sad that an actual tangible benefit to artists is being phased out across large parts of the NFT sector. And for any smart artist, the big question must be asked: what's the whole point of this technology now?
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