0% Royalty on NFT projects
There have been a series of debate on either to scrap royalty on NFT while some option for 0% Royalty on NFT buy & sell.
It been a tug of war between Collectors, Creators and NFT Marketplaces on wether to support or against the Motion.
For a serious note, some Collectors believe that royalty on NFT should be reduced to below 5% while other were calling for 0% royalty as they beloved creator doesn’t need to share royalty with the collectors after paying for the Art.
However, a notable member of collectors(influencers) in the space noted that 99% of NFT projects will die if 0% royalty is adopted and also Free Mint meta will become a pump and dump project because there wouldn’t be No money to create utilities or serve the weekly payment such as Workers bills.
On the other side, a certain people also predicted that zero Royalty on NFT will leads to innovation within the space.
The debate keep making wave and got stronger when Frankthegod announced that his team will eliminate royalty from all of his collections and the number one marketplace for solana NFT supported the move to allow buyers to sell and decide whether to pay for royalty or not. As a result of such, we saw a drastic decline of NFT market in Magic Eden, most of notable people keep selling there bags and half of the usual NFT traded volume on Magic Eden was recorded in the next day.
Looking at the scene from the outside, we can still say that almost all NFT projects solely depends on royalty to carrying out there roadmap and settle there weekly wages for staffs.
In conclusion, until then, I think royalty should be in place with moderate percentage while innovation to eliminate royalty can be in progress.