NFT royalties have been a big topic of discussion for the last few months, with big players like OpenSea and Magic Eden changing their royalty models to try and take back market share from competitors that offer 0% royalties.
Creator royalties are a percentage (typically 5-10%) that goes to the original creators when an NFT is sold. Royalties are not enforceable at the smart-contract level so it has always been up to marketplaces to enforce this.
Magic Eden recently launched an Open Creator Protocol Tool to enforce royalties for new Solana projects, which works similar to OpenSea’s tool, giving creators the option to blacklist marketplaces that don’t enforce royalties.
However the issue still remains for existing collections left with the only option to “burn” and “re-mint” using the new protocol to then start enforcing royalties.
Dust Labs, a sister software company to the y00ts and DeGods NFT collection, today launched NFT Blue with the aim to show support for creator royalties. NFT Blue allows users of Solana to connect their wallets and download a star-shaped version of their NFT to use as their profile picture. Additionally, the app shows how much you’ve paid (in SOL) directly to creators through royalties.
FrankDeGods, creator of the DeGods and y00ts has been vocal on situation on Twitter, adding blame
to Magic Eden as well as NFT aggregator marketplace Hyperspace for supporting non-royalty enforced marketplaces.
Community responds
Whilst some see it as a good idea, others not so much…
