NFT platform DeGods waives royalties when selling collectible tokens

The NFT DeGods trading platform on Solana, following other platforms, switched to a 0% royalty model. Users will no longer be able to return part of the commission when trading collection tokens.

Founder of DeGods under the nickname “Frenk” declaredthat all NFT marketplaces will soon switch to a zero-fee model in order to remain competitive. In its forecasts, Frenk cites data showing the growing popularity of zero-interest marketplaces as an added attraction for users:

“There really aren’t any good solutions for royalty enforcement, and royalty-free markets are literally growing like weeds in terms of numbers, net user growth, and volume. I just find it hard to believe that most marketplaces won’t switch to 0% royalties.”

Frenk noted that while the site still believes that royalties are an “incredible use case” for NFTs and that it supports creators who need funding, waiving royalties is the best business decision right now. The company clarified that DeGods spin-offs t00bs and y00ts will also move to a zero-fee royalty model.

Note that the position of the founder of DeGods has changed dramatically. He used to called fees “by the best combination of incentives between founders and holders” and warned those who refused commissions not to get angry when “coins become more expensive and projects more”.

In addition, he called for the removal of certain utilities from the NFT that are not sold on licensed marketplaces. Now, he joins those who argue that royalties undermine the idea of ​​true NFT ownership, and that owners should not pay extra money.

While OpenSea and Magic Eden are still strongly supportive of royalties, the new marketplaces are taking a more flexible approach. Platforms that have emerged in the past year, such as SudoSwapAMM and YAWWW, allow users to purchase NFTs royalty-free.

Earlier, FTX.US President Brett Harrison said that the offer of royalties on the sale of NFTs could be considered by regulators as a sign of a security, so the site will avoid placing NFTs that offer royalties.


Source: Bits

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