Fighting for NFT royalties.

By Crypto Gloom On Jan 26, 2024

The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier

Dear unbanked nations,

Royalty rates have been declining around the NFT ecosystem over the past few years.

Unfortunately for indie artists, it costs a lot of money.

Good news? A new player is emerging and shaking things up. highlightWe are introducing a new NFT secondary marketplace that will double your royalties.

For today’s post, let’s break down what you need to know here!

-WMP

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highlight A suite of NFT creators that allow artists to release their collections. your own smart contract and through Custom Mint Pages.
What the platform offers Custom infrastructure for generative art We release and support Mint. Ethereum, decision, Base, optimism, polygonand Jorah.
Today, the highlights are noticeably expanding to include: Secondary NFT Marketplace Launched that We prioritize artists and reward collectors..
idea? Helps stem the trend of declining royalties We create a marketplace where artists can make more money and collectors can enjoy rewards for their support.

NFT royalties actually paid have been broken down starting in May 2022.

To coincide with the Marketplace launch, Highlights has released a new report. Blockchain Loyalty: State of the Market.
report and that Connected Dune Dashboard We highlight that effective royalty rates for NFTs in the Ethereum ecosystem have decreased significantly over the past two years.The current average interest rate is around 0.8%., Plunging 84% from an average rate of 5% in 2021.
Highlights estimates that this decline has caused creators to miss out on: Approximately $37 million worth of payments in December 2023 alone This is compared to royalty rates from two years ago.
So what is the conclusion? The shift to optional royalties by popular platforms like Blur and OpenSea has had a major impact on artist revenue.. OpenSea still charges royalties for some projects, but We plan to stop such enforcement. By the end of February 2024, average royalties are likely to be closer to Blur’s minimum rate of 0.5%.
Despite this overall decline, art NFTs have performed better than other project types here, and actual royalty rates for crypto art are currently significantly higher than other categories such as profile photo (PFP) collections. This indicates a strong desire among some collectors to support NFT artists..

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Against this backdrop, Highlight is launching a secondary marketplace to implement it. all minimum Royalty rate 2%—The artist’s preferred percentage is applied by default, but cannot be edited below 2%, which is four times higher than Blur’s 0.5%.
The goal is quite Increase the effective royalty base paid to artists. In the modern Ethereum and Layer 2 (L2) NFT scene.
On the other side It highlights plans to reward collectors who purchase and list NFTs on the marketplace.Starting with early access to select NFT drops from the following artists: Kim Asendorf, quite a lotafter.
Other major products include: Artist ProfileIt offers integrated pages that make it easy to search for an artist’s work, as well as the ability for collectors to learn more. Original algorithm of generative art release Not just their output.

Remember. Highlights are currently supported. Six different Ethereum Virtual Machine (EVM) chainsSo, if you have ETH (or MATIC in the case of Polygon) on one of these networks, you are ready to explore new markets on the platform.
To get started, go to: highlight.xyz Connect your wallet.
To browse and purchase secondary NFT listings, click on the collection page you’re interested in and select the appropriate “View in MarketplacePress the ” button to start surfing. Once you have what you want, make an offer or go through the payment process and finalize the transaction with your wallet.
To list an NFT for sale in Highlights, click on your account name and then click “profileClick the ” button to review the NFTs available in “collected” tab. Click on the NFT of your choice, enter the listing parameters in the provided interface and approve the listing with your wallet. The “Collection” tab also allows you to review and accept all offers available on the NFT via Highlights, Blurs and OpenSea. .

that much downtrend NFT royalties This is what I’ve done Condolences to this newsletter While.
As an NFT creator and someone who has emerged into the art scene of the Ethereum ecosystem both personally and professionally, I have witnessed firsthand the process of the automated royalties that were previously one of the biggest attractions to cryptocurrencies for artists drying up. This is where the morale of many creatives falls..
Still, I applaud Highlight’s new work. Default royalty approach set by the creator And the plan is Rewards Loyalty Collectors A big step in a different direction.
the problem is, The current royalty approach of the largest NFT marketplaces only suits traders.. What I like and think is smart about Highlight Marketplace is that artists, collectors, and Trader at the same time.
We’ll see what happens here, but if this new platform can continue to gain significant traction, it could have an impact on other popular NFT marketplaces. Rethink your loyalty policy or launch Own rewards for loyalty collectorsIt’s a possibility worth rooting for.

If you’d like to learn more about how to create your own NFT release via Highlights, check out the project’s Technic articleProvides walkthroughs and FAQs.
If you want to stay up to date with the latest features and updates for your project, give them a call. Follow us on Twitter and their pursuit mirror blog.
I have been collecting releases of highlights since last year. finy card, scale 1440and Unicus—and I’m impressed by the range and caliber of artists who have embraced the platform so far. If Highlight can continue to become a destination for NFT creators and collectors, there’s an opportunity. We’re resetting the standard for how NFT marketplaces work!

William M. Feaster is the creator of metaverse—A bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He also serves as a senior writer for the Bankless newsletter.

Kraken NFT One of the most secure, easy to use and dynamic marketplaces. Active and new collectors alike will benefit from no gas fees, multi-chain access, payment flexibility using fiat or over 200 cryptocurrencies, and built-in rarity ranking. Learn more Kraken.com/nft

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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a recommendation to buy or sell any asset, or a recommendation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.

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