In recent weeks, many NFT marketplaces have made some changes to their copyrights. After X2Y2 and Magic Eden, the final editing NFT platform LooksRare.
looksRare The developers announced today through a blog post that they’ve made some updates to their royalties.
According to the statement, via LooksRare NFT collectors who want to buy will no longer pay a mandatory royalty fee directly to NFT artists.
The NFT marketplace also explained how it will compensate for the loss of revenue for artists caused by the removal of mandatory royalties. 25% of the commission income from LooksRare platform’s NFT sales will be refunded to NFT artists.
LooksRare officials explained the arrangement in copyright as follows:
“Copyright marketplaces have increased competition in the NFT industry. Customers don’t want to pay mandatory royalties.”
The developers stated that they hope to satisfy both customers and NFT artists with their change. LooksRare will continue to support manufacturers even if the mandatory royalty fee is lifted.
LooksRare is not the first NFT marketplace to regulate copyrights. in early October wither Based NFT platform Magic Eden announced that it has removed the mandatory royalty fees.
NFT trading, which turned into a frenzy late last year, is pretty stagnant today. The trade volume in the marketplaces decreased to an average of 95%.
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