NFT marketplace says no to optional royalties
While nonfungible token (NFT) marketplaces such as Ethereum (ETH)-based X2Y2, LooksRare, and Solana (SOL)-based Magic Eden have made the switch over to “optional” creator royalties, a newly launched marketplace is taking a hard stand against it.
Find Satoshi Lab, the company behind the popular move-to-earn app StepN has launched its new NFT marketplace named MOOAR on Nov. 1, notably featuring “no optional royalties.”
Instead, its NFT royalty policy will be set to a default of 2% but allows creators to set royalties between 0.5% to 10%. There is no option for 0% royalties, nor can it be set by the user.
“With the raging debate going on surrounding the paying of royalties, we are aware that many users have been vocal in opposing the enforcement of such royalties,” said the MOOAR team in a Medium post.
“Fully empathizing with the sentiment, we strongly believe this ‘cancel culture’ has forced marketplaces into a corner to the point that prominent marketplaces have adopted optional royalties,” it added.
Launch Day! Get #MOOAR!
Find Satoshi Lab (@FSLWeb3), the company behind STEPN, is thrilled to announce the launch of MOOAR NFT marketplace & launchpad.
This milestone is one of many on our roadmap to become a one-stop platform for the Web3 Community. ⬇ [1/10] pic.twitter.com/IfSSo2RWaS
— MOOAR | Season #1 (@mooarofficial) November 1, 2022
On Aug. 27, Ethereum-based NFT marketplace X2Y2 announced it would be introducing an option that allows buyers to set the royalty fee when buying an NFT.
With the new update, buyers on the platform will be given the liberty of setting the amount of royalties they want to contribute to an NFT project. This means that some creators may not receive royalties when their artworks are sold.
The controversial move was followed by the Solana-based NFT marketplace Magic Eden on Oct. 15, which announced it would also be moving to an optional royalty model after “difficult reflection and discussion with many creators.”
Less than two weeks later on Oct. 27, NFT marketplace LooksRare became the latest to succumb to pressure from buyers, announcing it was doing away with enforcing creator royalties, allowing buyers to choose to pay royalties on an opt-in basis.
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