The NFT collection DeGods, which operates on the Solana blockchain, has moved to a royalty-free status.
In Brief
The creators behind the DeGods NFTs have made the bold choice to reduce their royalty rate from 9.99% to 0%.
Moreover, the 'Y00ts' NFT collection will also be subject to these changes.
DeGods, the Solana NFT collection, has announced that it will no longer charge royalties. On October 9, they posted a tweet revealing their move to a proof of work model alongside this change.
Going forward, creators will not receive any royalty payments, a significant shift from the previous 9.99% they earned. It's noteworthy that this prior percentage slightly surpassed the average royalty rates seen across various NFT collections.
We maintain that royalties serve as an essential function within the NFT ecosystem. We’ll continue to back artists who seek options to enforce their royalties. This decision reflects our commitment to evolving our business strategy.
DeGods said about the update.
Curiously enough, DeGods has not disclosed the specific motivations behind their decision to eliminate royalties.
DeGods is a collection of 10,000 profile picture NFTs launched on the Solana blockchain in October 2021. As of October 11, the average selling price for a DeGod NFT sits at 8.4 ETH, approximately translating to $10,360, with 1 million SOL having been traded. Additionally, the project has its utility token, $DUST, which is currently priced at $1.29, marking a 4% drop following the announcement about royalties.
Last September, DeGods’ creators unveiled a new NFT initiative titled 'y00ts'. Potential participants for the allowlist were required to fill out a questionnaire providing their information and answering specific queries. The team reviewed submissions to determine who would qualify for the minting process, with aspirations of cultivating a community of the most intriguing individuals in the Web3 space. Also noteworthy, the y00ts collection will see adjustments to its royalty framework. y00ts DeGods, a top-tier NFT collection, successfully raised over $1 million within a single day. statement Ryan Carson, the COO of Moonbirds, has decided to part ways with the project, while PROOF has successfully raised $10 million.
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