Could diminishing importance of NFT royalties hamper the NFT market growth

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A new report by Galaxy Digital published on 21 October revealed that Ethereum[ETH] NFT creators managed to earn more than $1.8 billion worth of royalties so far. The report also revealed the concentration of royalties across big-time NFT marketplaces. A deep dive into royalties Major NFT marketplaces have made hundreds of millions of dollars from […]

NFT creators managed to earn more than $1.8 billion worth of royalties so far. The report also revealed the concentration of royalties across big-time NFT marketplaces.Major NFT marketplaces have made hundreds of millions of dollars from royalties generated on secondary sales. Only 10 platforms accounted for 27% of all royalties earned, while 482 NFT collections accounted for 80% of total royalties earned.

The top 10 NFT marketplaces also collected royalties worth nearly half a billion dollars, amounting to 27% of all ETH-based NFT royalties.Nike, followed by Dolce & Gabbana, and Gucci led the brand bandwagon in terms of royalties earned off NFT collection sales.Yuga Labs earned $147 million worth of royalties off NFT sales, with the top 10 entities earning over $489 million worth of royalties.As compared to the age of the NFT space, NFT royalties are a relatively young concept.

The idea of royalty-free NFT marketplaces has been gaining importance for quite some time. Amidst such circumstances, the report underlines the critical importance of royalties for creators.

 

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