NFT creators seek alternatives after OpenSea cuts royalties
Several non-fungible token (NFT) creators and artists are seeking alternative platforms to sell their work after OpenSea stopped mandating creator royalties at its marketplace. NFTs represent some of the most promising profit opportunities for digital artists. With NFT royalties, creators can earn a percentage of the sale each time an NFT is sold and subsequently resold. Many creators, including pseudonymous generative artist Zancan, hope NFTs will empower independent artists with an additional source of revenue. OpenSea’s decision comes during a difficult time for the entire NFT market that saw significant declines. The Forkast 500 NFT Index hit a new all-time low of 1,999.14 points on Sept. 19. “Removing royalties is shooting a bullet in one’s foot,” Zancan, the creator behind Garden, Monoliths NFT collection, told Forkast. “I’m a supporter of artists’ royalties. This is the best thing that’s ever happened to artists and the art world at large. This is a major point in the reason why anyone would adopt blockchain technology to distribute their art or collect the art.” Zancan’s Garden, Monoliths is a Tezos-based NFT collection that generated over 1.2 million worth of Tezos (US$788,040) in secondary sales. With a 15% royalty fee, the collection generated over US$118,000 of royalties for the creator.
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