NFT Artist Royalties Have Dropped 98% From Their Peak

2023/08/12 02:00

The sluggishness of the NFT market has led to a sharp decline of $15 billion in artist income, exacerbated by the reduction in royalties. NFT exchanges Blur and OpenSea have reduced the royalty fees artists receive when transferring token ownership, aiming to stimulate market activity by lowering costs. However, this may impede the creation of new artworks. According to data, NFT trading volume has plummeted by 95% since January 2022, from a peak of $17 billion.

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