LooksRare said in a statement on Thursday that it will no longer require collectors to pay royalties to creators when purchasing digital collectibles.
The 5th largest daily volume NFT marketplace said that rather than supporting royalties “by default,” it will instead distribute 25% of platform fees to creators and collection owners. Buyers can now “opt in” to pay royalties at checkout.
“The industry is trending towards zero-royalties, but it’s still our responsibility to support creators in the new landscape,” LooksRare said in the statement.
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