in

NFT REVIEW NEWS Creators on Opensea Earned $1 Billion Worth of Royalties in 2022


This year has seen the NFT industry endlessly debate royalties, whether they should be paid, and who should enforce them. This is no surprise considering just how much is at stake regarding royalties.

According to ​​​​Shiva Rajaraman, the VP of Product at OpenSea, creators on the popular marketplace earned about $1 billion in royalties in 2022 alone. This was based on data recorded from January 1 and November 23, 2022. 

A Change of Heart

This revelation was made in a recent blog post highlighting how royalties unfolded this year. For example, about 80% of this amount comes from NFTs not part of top-10 collections, highlighting the importance of royalties for smaller creators.

It should be noted that OpenSea, like many other platforms in the crypto space, has had a complicated year regarding NFT royalties. Initially, the platform enforced them on assets it listed but then, following several of its competitors doing the same, announced that it would be scrapping this requirement. 

After a backlash from its community, OpenSea not only reinstated royalties but has been at the forefront of championing their protection.

Learn more >> The Ultimate NFT Guide

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.





Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote

Written by NFT REVIEW MARKET

I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

Crypto Alerts Noticias Criptomonedas Criptomonedas para apostar en la Copa del Mundo 2022

My Crypto Lawyer Sec News Elizabeth Warren impulsa proyecto de Ley cripto ¿Para qué?