A war for supremacy among the various NFT markets has resulted in evading royalty payments to creators. As a result, NFT creators are turning to platforms that continue to implement royalty payments, Coinbase NFT being one of them.
The war among NFT marketplaces has also been fueled by new marketplace Blur, which has entered as the largest marketplace by trading volume in a space that used to be dominated by OpenSea.
Blur’s rise to the top of the rankings has likely been helped by lower royalty payments from other platforms, with some producers going so far as to prevent certain markets from dealing with their collections entirely.
So far, the blocking feature programmed into some NFTs has particularly hurt OpenSea, given how angry some creators are about how the platform has stopped enforcing creator royalties.
Deathbats Club Adds “Failed Safes”
Writing on Twitter earlier this month, American singer and creator of the Deathbats NFT collection, Matthew Sanders aka. M. Shadows said that he has discussed with his team about the payment block from the NFT marketplace.
He clarified that until the practice changes, some of the “fail safes” that block these platforms will be coded into their NFTs. He also added that Coinbase NFTs is his “preferred marketplace to buy and sell Deathbats Club” from now on.
“18 months ago, when we started [Deathbats Club]We discussed how marketplaces collect royalties and understood the fact that someday they simply may not be able to comply,” he wrote, adding further:
“In response, we created some fail safes that may prevent these platforms from accessing our collections.”
The NFT creator followed by saying that everything they do as a club for their members costs money, and that it would be “pointless and unwise” to incur those costs by constantly mining new NFTs.
“We hope @opensea has a great time cheering up the penny stock trade… ‘NFT community’,” he said, explaining that it comes at the expense of creators.
Shadows added a day later that his team is “willing to play ball” with OpenSea if they accommodate creators, but made it clear that any solution without creator royalties is unacceptable.
So far, OpenSea has not changed its stance on the issue of creator royalties, and the war for NFT creators and traders will in all likelihood continue, with newer platforms like Blur or Coinbase NFT possibly taking the top spot.
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