Tuesday, September 19, 2023
HomeTop NFT CollectionNFT Creators on the Ethereum Blockchain Have Received Over $1,800,000,000 in Royalties:...

NFT Creators on the Ethereum Blockchain Have Received Over $1,800,000,000 in Royalties: Galaxy Digital

According to a new study by crypto investment firm Galaxy Digital, the creator of the non-fungible token (NFT) is Ethereum (ethereum) received nearly $2 billion in royalties.

In a recent blog post, Galaxy Digital find More than $1.8 billion in royalties were paid to NFT producers in ETH, while creators on OpenSea, the world’s largest NFT marketplace, doubled from last year.

“More than $1.8 billion in royalties have been paid to creators of Ethereum-based NFT collections. In addition, the average royalties paid to creators on OpenSea, the platform that pays the most royalties to creators, The percentage has doubled from 3% to 6% over the past year.”

The cryptocurrency company also found that a small number of NFT collections accounted for the majority of all NFT royalties earned to date.

“NFT’s leading brands across both legacy players and crypto-native organizations have collected hundreds of millions of dollars in revenue from royalties generated on secondary sales. In fact, only 10 entities are accounted for.” [for] 27% of all royalties earned and 482 NFT collections account for 80% of all royalties earned to date. ”

Source: Galaxy Digital

According to the report, there is an ongoing debate as to whether NFT royalties exist. Proponents argue that content creators should be reimbursed for the popularity of their work over time, while opponents argue that implementing royalties would change the fundamental mechanics of NFTs. I claim.

The study cites Solana (Sol) co-creator Anatoly Yakovenko Said Enforcement of royalties results in the division of ownership of the digital collection between the user and the NFT creator. According to Yakovenko, if the user doesn’t pay royalties, the creator can use Smarthis contract to get her NFT back.

“Implement [NFTs] In the immediate world of technology, the concept of “ownership” needs to change. NFTs are not wholly owned by their users or creators. Authors must retain certain rights in order to effectively enforce royalties.

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Featured Image: Shutterstock/Galkin Grigory

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