NiftyNoon: LooksRare Creatively Drops Royalties

For October 28, 2022

Nifty Analysis

• The creator royalty saga continues as LooksRare follows in the footsteps of X2Y2 and Blur in no longer mandating creator royalties. LooksRare is taking an interesting approach by sharing part of their protocol fee with the creators that are now losing a revenue stream. This is an interesting approach that may be too little to appease creators that are going from receiving as much as 10% of sales to now only 0.5% of sales. Although LooksRare does not command as much marketplace marketshare as it once did, the move away from royalties is a very important trend to follow. At this point, the only major marketplace to maintain creator royalties is OpenSea.

Project News

• LooksRare shifts to optional creator royalties and instead offers collection owners a 25% cut of their protocol fee:

  LooksRare @LooksRare

  🧵 Starting today, #LooksRare will no longer support creator royalties by default, and instead, share 25% of the LooksRare Protocol fee with creators/collection owners. docs.looksrare.org/blog/looksrare…

  

  docs.looksrare.orgLooksRare Offers Zero Royalty Trading, Shares Protocol Fees With Creators Instead | LooksRare DocsZero Royalties and Still Supporting Creators

• Twitter begins testing for NFT tweet tiles that show expanded embedded details in Tweets containing links from certain NFT marketplaces:

  Twitter Dev @TwitterDev

  Now testing: NFT Tweet Tiles 🚀 Some links to NFTs on @rarible, @MagicEden, @dapperlabs and @Jumptradenft will now show you a larger picture of the NFT alongside details like the title and creator. One more step in our journey to let developers impact the Tweet experience.

  

• Jack Dorsey once again teases Zion with a re-post of his June announcement for the “web5” decentralized identity platform:

  jack @jack

  web5 is happening blog.zion.fyi/announcing-zio…

Community News

• XCOPY tweets admit one 🎟 emoji in a tease that is allegedly unrelated to the Admit One NFT:

  XCOPY 🏴 @XCOPYART

  🎟️

  

• Former CoolCats community manager shares grievances over how the CoolCats team handled recent layoffs:

  QUΞΞNY 🇲🇽 💚💜🏳️‍🌈 @QueenyMartha

  Been quiet so far, but this is something else. Important people in a team are important for a reason, letting them go makes no sense. Furthermore, none of the founders were even present in those calls. From what I've spoken to others...

  

  Shek @shanghai_shek

  The more I think about the recent Cool Cat firings the more bullish I am long term. One of my fears was that the team was too nice. Never could I have imagined Clon having the stones to allow some important team members to get sacked. That showed me something. Onward amd upward!

• RTFKT collaboration mint with Rimowa mints out but controversially includes a loop that allows wallets to infinitely claim NFTs:

  quit.q00t.eth @0xQuit

  Today's RTFKT drop checked balanceOf(msg.sender) instead of an internal mapping of claims. As a result, simply transferring the NFT out of a wallet effectively reset the claim status, allowing that wallet to claim again. This could be repeated ad infinitum (while supplies last)

Quick Stats:

• OpenSea USD Daily Volume: $10.27M (▲ 5.54%)

• OpenSea ETH Daily Volume: 6,621 ETH (▲ 3.86%)

• BTC: $20,429.14 (▼ 1.14%)

• ETH: $1,529.61 (▼ 1.87%)

• Solana: $30.96 (▼ 2.10%)

NFT Daily Winners:

• Chromie Squiggles: 15.00 ETH (▲ 17.19%)

• Clone X: 8.00 ETH (▲ 6.67%)

• Doodles: 6.75 ETH (▲ 3.53%)

• CryptoPunks: 66.83 ETH (▲ 2.85%)

• Mutant Ape Yacht Club: 12.59 ETH (▲ 0.17%)

• Bored Ape Yacht Club: 69.00 ETH (► 0.00%)

• Proof Collective: 39.30 ETH (► 0.00%)

NFT Daily Losers:

• Azuki: 10.72 ETH (► 0.00%)

• VeeFriends: 6.00 ETH (▼ 1.64%)

• Moonbirds: 8.09 ETH (▼ 4.71%)

• DigiDaigaku: 10.00 ETH (▼ 9.09%)

Notes:

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