Following the recent trend of many NFT marketplaces supporting zero royalties, the biggest player in the market OpenSea has introduced a new royalty structure.
Effective November 8, creators must add a specific code into the smart contract if they want to enforce royalties in secondary sales of their work.
However, the NFT community is on fire as the new structure took place. This would mean that a major chunk of the creator's income will disappear.
OpenSea has given itself until December 8, 2022, to come out with a firm stance regarding how it will address royalties enforcement for existing collections; and if OpenSea happens to take the 0% road, many artists are claiming that they would take their collection elsewhere.
Its worth noting that a recent October study by Galaxy Digital shows that a total of more than $1.8 billion in royalties were paid to Ethereum-based NFT collections.
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