Altcoins, Cryptocurrency, News, NFT

NFT Market Rejects Move To Opt-in Royalties

A novel NFT marketplace has chosen not to go with the trend by rejecting optional creator royalties, despite being accepted by popular and widely used marketplaces, including LooksRare, Solana-based Magic Eden, and Ethereum-Based X2Y2.

Optional Royalties Feature Rejected NFT Marketplace

The StepN app creators, the Find Satoshi Lab, recently announced its beginning operation on its new NFTs marketplace, MOOAR, on the 1st of November and includes the “no optional royalties” feature. Instead, its default NFTs royalty policy will be 2 percent. However, it allows users to set royalties between 0.5 percent and 10 percent. It clearly stated that there would be no 0% royalty feature.

X2Y2 announced that it would add a feature to enable buyers to set their Royalty fee when purchasing an NFT on the 27th of August. With the recent upgrade, platform users can choose the percentage of royalties they choose to send to an NFT project. By implication, some artists might not get royalties when they sell their creations. 

Magic Eden, a Solana-based NFT market, also confirmed its upgrade to an optional system After stern contemplation and debate with many artists following the X2Y2 move. Barely 14 days after, on the 27th of October, LooksRare, another popular NFT marketplace, announced that it would no longer set a royalty for creators. This move will allow users and artists to place their royalties based on opt-in.

Is Ripple NFTs’ New Operating Zone? 

NFTs now have a stomping zone on Ripple’s XRPL network as of the 31st of October. RippleX’s developers have begun working on the project since the XLS-20 initiative, which established the objective to introduce NFTs to the XRP Ledger, was submitted on the 25th of May, 2021.

The development team said the initiative would add improvements to the XRP ledger, allowing a native non-fungible token kind and procedures to count, buy, transfer, and keep such tokens. Following a poll supporting the technology’s operation, David Schwartz, the CTO of Ripple, has announced through his Twitter account that they have enabled the XLS-20 procedures on the Mainnet of the XRP ledger.

According to Schwartz, the advantages of establishing NFTs on the XRP Ledger over the dominant layer-1 blockchain network include much cheaper costs for minting, selling, and other NFT transactions. He also said that the XRPL’s “no-smart contracts” strategy will make NFTs less hackable and that “automatic royalties” will enable creators to get a cut of sales income anytime an NFT is purchased or sold.

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