What's In Your Wallet
DeGods Zero Royalty Solana NFT Collection
Is DeGods launching a zero royalty Solana NFT?
The NFT collection DeGods is the latest to start charging no royalties. The group called the move its “next experiment.” It said that the move was the best choice for its business and that it protects the collection from possible future lawsuits over artist royalties.
Non-fungible tokens, also called NFTs, are cryptographically unique tokens that are tied to digital and physical content, memberships, or proof of ownership.
Before NFTs, the standard in the industry was to pay artists royalties based on a percentage of sales on the secondary market. But it was hard to keep track of these follow-up sales, which is a problem that NFTs are well-equipped to solve.
But artists and NFT marketplaces have shown in recent actions that they want to move away from this model. The top collection of Ethereum NFTs, CryptoPunks, also has 0% royalties, and other well-known creators are giving away all commercial rights to their work.
Sunday, DeGods wrote on the collection’s Twitter account about the change.
“We still think royalties are a great way to use NFTs,” DeGods said in a tweet on Sunday. “We will keep helping creators who want to find ways to make sure they get their royalties.”
DeGods are a group of 10,000 Solana NFTs that will come out in October 2021. People who own DeGods or DeadGods NFTs can stake them and get DUST utility tokens in return. The DUST utility token from Dust Labs was first made available as a reward for people who owned DeGods.
According to data from CoinGecko, the DUST utility token is now worth $1.27, which is 4.7% less than when DeGods announced it.
DeGods says that the t00bs and y00ts NFT collections will be affected by the new policy of paying no royalties.
“If royalties don’t exist… The anonymous creator of DeGods, Frank, tweeted, “I think the space will be more open to redefining what ‘rug’ means,” referring to claims that DeGods was a “rug pull” or scam. “People called us a dead project and a rug for 5 months.”
In August, Solana NFT marketplace Solanart tweeted that it was “re-introducing” custom fees for buyers and sellers on the marketplace. The tweet said, “This time, YOU decide what’s fair.”
Solanart took note of DeGods’ move to 0% fees today and defended the collection against claims that it is going to zero.
“We heard that DeGods are going to ZERO? “Sell me whatever you want for 33.33 SOL and then fuck off (and use 0% fees),” they wrote on Twitter.
On Twitter, Dylan Shub, the founder of Crown Capital DAO, questioned what the DeGods said.
“Since you said a lot about how you would enforce royalties or refuse service when the royalty debate began,” he wrote on Twitter, “I’d really like to hear a bit more about how you came to this conclusion.”
@hyxttcrypto wrote at first, “This decision is not good for the space.” “In the short term, teams have mint funds, but in the long term, royalties are the main reason teams stay active, stay motivated, grow, and hire people in the space. Because of royalties, DeGods are where they are.”
Some people don’t like what DeGod did, but others think it was for the best.
“It’s strange that @frankdegods has to defend a move to 0% royalties,” @Punk9059, the research director for the Proof Collective, said on Twitter. “He’s giving everyone else an SOL transfer. And everyone else is mad.”
“I believe in royalties. But he just got a lot of money from y00ts mint and raised money from venture capitalists,” they said. “It doesn’t make sense to say this shows he doesn’t care.”
“They’re just getting ahead of the market,” DeGods fan @punk828_ wrote. “Everyone already wants to get paid nothing. This just forces teams to come up with other ways to make money and real businesses instead of just making a jpeg project that has no real-world use.
A few hours later, even @hyxttcrypto changed his mind.
Click Here For More NFT News.
You must be logged in to post a comment Login