NiftyNoon: Artists Fight for NFT Royalties

For November 8, 2022

Nifty Analysis

• OpenSea has instigated a very heated debate between NFT collectors, traders, creators, and artists with their potential move away from mandatory creator royalties. Although the future of royalties remains unclear, it is important to consider all sides of the argument. The outcome of these debates will likely be pivotal for the future of NFTs and digital collectibles moving forward.

Project News

• OpenSea engages in community discussions around royalties and their obligation as a marketplace to safeguard them:

  OpenSea @opensea

  Hey all! Something we want to be clear about: yes, we're building a tool that allows creators to enforce fees on chain but no one *has* to use it. Creators can use a different tool that prevents their NFTs from being bought and sold on marketplaces that don't enforce creator fees

  OpenSea @opensea

  We’ve been listening to you in Spaces, 1:1 conversations, and in the comments. We really appreciate you sharing your perspectives, making time for conversations, and showing your passionate support for creators.

• NiftyGateway introduces the Creator Royalty Standard & Coalition to empower artists:

  Nifty Gateway 🌐 @niftygateway

  1/ Introducing the Creator Royalty Standard & Coalition: an open source community effort to give creators the power to prevent their art from being sold on marketplaces that try to remove royalties. 🧵

  

• Azuki announces partnership with the popular Asian brand AMBUSH:

  Azuki @AzukiOfficial

  Azuki x AMBUSH 💥 @ambushdesign

Community News

• Artists negatively respond to OpenSea’s potential move to no longer mandate creator royalties:

  FEWOCiOUS @fewocious

  Dear @opensea

  

  Gossamer Rozen 🐯 NYC @grelysian

  🐯GM web3🐯 In light of recent conversations… I put together a public document of tools to build and explore that I think will help empower artists in web3. The purpose is to empower artists to have more choices around secondary sale of their work. docs.google.com/document/d/e/2…

  docs.google.comWeb3 Artist Empowerment: Ethereum Smart Contracts #1

• Binance and FTX founders battle in a move that threatens FTX liquidity and causes concerns over solvency:

  CZ 🔶 Binance @cz_binance

  Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.

  SBF @SBF_FTX

  1) A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine. Details:

• SEC’s ruling on the LBRY case citing crypto as a security may have implications on NFTs that reserve supply for their treasuries:

  dotta @dotta

  One of the best options for creators to monetize without royalties is reserving supply and selling into the market. Interestingly, in the SEC vs. LBRY case, the SEC uses LBRY reserving supply as evidence that they violated the Howey Test 😬

  

• Helios, the rust Ethereum light client, is announced in a move toward further decentralization:

  ncitron.eth @NoahCitron

  Today we're announcing Helios, a fast, portable, and secure Ethereum light client written in Rust. Helios syncs in two seconds, uses no storage, and provides trustless access to Ethereum. Code: github.com/a16z/helios Post: a16zcrypto.com/building-helio… 1/8

  

  a16zcrypto.comBuilding Helios: Fully trustless access to EthereumIntroducing Helios, a Rust-based Ethereum light client that provides fully trustless access to Ethereum, without using a full node.

Quick Stats:

• OpenSea ETH Daily Volume: 7,617. ETH (▲ 33.78%)

• Blur ETH Daily Volume: 2,571 ETH (▼ 18.63%)

• BTC: $20,582.71 (▼ 0.89%)

• ETH: $1,565.32 (▼ 1.51%)

• Solana: $30.71 (▼ 4.82%)

• Polygon: $1.23 (▼ 2.71%)

NFT Daily Winners:

• Chromie Squiggles: 16.60 ETH (▲ 4.50%)

• Mutant Ape Yacht Club: 11.29 ETH (► 0.00%)

• Azuki: 10.80 ETH (► 0.00%)

• Moonbirds: 7.99 ETH (► 0.00%)

• Doodles: 6.70 ETH (► 0.00%)

• Proof Collective: 38.00 ETH (► 0.00%)

NFT Daily Losers:

• CryptoPunks: 63.95 ETH (▼ 1.37%)

• VeeFriends: 5.10 ETH (▼ 1.92%)

• Clone X: 8.29 ETH (▼ 3.04%)

• Bored Ape Yacht Club: 61.97 ETH (▼ 3.13%)

• DigiDaigaku 11.00 ETH (▼ 4.35%)

• Art Gobblers 3.97 ETH (▼ 30.27%)

Notes:

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• Created by @AxuETH, @jpegprez, @SSPxLEO, @xhuewa, and @SpeedyGonzale87