NiftyNoon: OpenSea Contemplates Removing Royalties

For November 7, 2022

Nifty Analysis

• OpenSea’s announcement has the potential to fundamentally change the entire NFT ecosystem. Their proposed system involves new projects adhering to a new standard they have introduced. Under this standard, these NFTs would only be able to be sold on marketplaces that mandate royalties such as OpenSea and Manifold. If they do not adopt this standard, OpenSea will not mandate royalties on those collections. Although they have not fully committed to going royalty-optional for existing collections that do not adhere to OpenSea’s standard, the mere possibility has caused many artists and creators to voice their concerns. As NiftyNoon has noted previously, the unraveling of royalties in the Ethereum ecosystem was inevitable after the same occurred with Solana. The outcome of this situation will likely profoundly impact NFTs as a concept moving forward.

Project News

• OpenSea proposes a path to go royalty-optional for collections that do not adopt its on-chain royalty enforcement mechanism:

  OpenSea @opensea

  There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable. Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions. 🧵

  Axu.eth (🌐 ThinkingHotels) @AxuETH

  @opensea For anyone wondering how this on-chain royalty enforcement actually works:

  

• Google announces various partnerships with Solana including their Solana validator, their indexing of Solana data, and more:

  Google Cloud @googlecloud

  Now that we got your attention... check this out: Google Cloud is running a block-producing @solana validator to participate in and validate the network.

• Y00ts, the secondary collection for the top Solana project DeGods, reveals its much-delayed artwork and adds a royalty, despite the project’s previous claims about moving to 0% royalties:

  y00ts @y00tsNFT

  People say NFT projects aren't about the art. We think they're wrong.

  Obey Raves 🚍 @Ravers

  Come on man @frankdegods... 😑

  

  

Community News

• Valhalla founder denies claims of previous misconduct with businesses:

  MAMADY CONDÉ @condethepeople

  I want to address the @1984global x @valhalla situation once and for all.

  1984s-organization.gitbook.ioWhat really happened? - Valhalla Post

  Alex Lin @notalexlin

  Here is my response to the allegations brought forward by Condé (RE: 1984). I will address 3 things: 1. The private screenshots between Conde and I 2. The lawsuit in question 3. Moving forward I apologize for taking so long to respond; this has been quite a bit to digest. 1/8

• Rolex files for NFT-related trademarks:

  Eli🎀⚖️.eth (Eliana) @eliana_esq

  🚨Friday trademark news- Rolex filed trademarks for NFTs including (notably) “Watches and chronometric instruments with digital codes, labels, tags and digital chips” and even “Video game devices”

  

  

  

Quick Stats:

• OpenSea USD Daily Volume: $8.11M (▼ 8.01%)

• OpenSea ETH Daily Volume: 5,050 ETH (▼ 6.27%)

• BTC: $20,711.40 (▼ 2.67%)

• ETH: $1,580.80 (▼ 3.08%)

• Solana: $31.71 (▼ 11.57%)

NFT Daily Winners:

• DigiDaigaku: 11.50 ETH (▲ 4.55%)

• Mutant Ape Yacht Club: 11.29 ETH (▲ 2.64%)

• Clone X: 8.55 ETH (▲ 2.15%)

• Doodles: 6.60 ETH (▲ 1.69%)

• Bored Ape Yacht Club: 63.97 ETH (▲ 0.74%)

• Proof Collective: 38.00 ETH (► 0.00%)

NFT Daily Losers:

• Azuki: 10.80 ETH (▼ 0.92%)

• CryptoPunks: 64.89 ETH (▼ 1.22%)

• Moonbirds: 7.99 ETH (▼ 3.73%)

• Chromie Squiggles: 15.89 ETH (▼ 6.50%)

• VeeFriends: 5.20 ETH (▼ 7.96%)

• Art Gobblers: 5.70 ETH (▼ 18.34%)

Notes:

• If you find bite-sized daily NFT updates helpful, please feel free to subscribe:

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