Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

LooksRare jumps onto the NFT zero-royalty bandwagon, details inside

2min Read

The LooksRare platform’s adoption of the NFT zero royalty policy adds to the growing number of platforms that have done so and gives the policy a foothold in what has been a contentious topic for some time. It’s possible that the recent trend is connected to the economy’s downward trajectory and traders’ disappointment with the profitability of NFTs. The incorporation of Twitter into the NFT market service has the potential to greatly increase market liquidity.

LooksRare jumps onto the NFT zero-royalty bandwagon, details inside

Share this article

The abolition of creator royalties by major Non-Fungible Token (NFT) collections, marketplaces, and platforms is a developing trend in the NFT industry.

In a similar move, the Ethereum NFT marketplace, LooksRare, recently announced that it would no longer compel traders to pay royalties on transactions. This declaration was made on 27 October. As a result, they were effectively included in platforms and collections promoting the zero royalty trend.

Understanding the NFT royalty concept

The primary sale of NFTs and ongoing, perpetual royalties from secondary trades are the two main sources of income for NFT developers.

Depending on how the market conducts the transaction, royalties are often set at a specific proportion of the NFT price paid by either the buyer or seller. The creators determine the royalty percentage, which is commonly set between 5% and 15%.

LookRare said that royalties to creators would henceforth be optional, as did other platforms and collections that joined on the zero-royalty bandwagon.

As opposed to the former fixed nature of the fees, buyers would now be allowed to decide whether they would choose to pay the royalty or not.

A similar policy was also recently revealed by Magic Eden, albeit it seemed to be a choice they did not particularly enjoy making. The buyer in each transaction would decide whether to pay the royalty or not, according to Magic Eden’s alternative strategy.

It is handled more like a tip to the creator by allowing buyers the option of not paying the royalty. In one of its most recent steps earlier in October, DeGods adopted the same policy, which would apply to other collections it had.

Twitter to enable NFT  display and trade

Meanwhile, on 27 October, social media site Twitter also announced that, in collaboration with four marketplaces, it would enable users to immediately purchase, sell, and display NFTs through tweets.

The connection, known as NFT Tweet Tiles, included a button that allowed users to link through to a marketplace item while also displaying an NFT’s artwork in its own panel within a tweet.

The four marketplaces that were incorporated in the testing phase of this functionality from Twitter were Magic Eden, Rarible, Dapper Labs, and

In terms of transactions, 2022 was not the best year for the crypto business, and NFTs in particular, since many reports indicated that trade volumes had fallen.

The move toward zero royalties may be related to consumers’ perceptions of NFTs as being unprofitable. Because it is widely believed that NFTs are only good for the arts, they have come in for a lot of criticism.

However, NFTs’ extensive applications will become more widely accepted, and perhaps this will change how people view the sector.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.