DeGods Solana NFT Collection joins Zero Royalty Club
- Popular Solana NFT brand becomes the latest collection to switch to a royalty-free scheme
- SOL Price at the time of writing – $31.46
- This will remove the collection from potential future legal actions
The NFT collection DeGods is the latest to implement a royalty policy of zero percent, describing the move as its next experiment. It effectively shields the collection from any potential future legal actions related to artist royalties, calling the move the best decision for its business.
NFTs, or non-fungible tokens, are cryptographically unique tokens linked to memberships, digital and physical content, or proof of ownership.
CryptoPunks also has a 0% royalty structure
Prior to NFTs, the norm in the industry was to pay artists a percentage of sales on the secondary market as royalties.NFTs are well-positioned to address the issue of difficult tracking of these follow-on sales.
However, recent actions taken by artists and NFT marketplaces indicate a desire to abandon this model. Other well-known creators are giving away all commercial rights to their works, and the top Ethereum NFT collection CryptoPunks also has a royalty structure that is zero percent.
Sunday, DeGods made the changing public via a post to the collection’s Twitter account.
DeGods tweeted on Sunday that they still believe that royalties are an incredible use case of NFTs.”We will continue to provide assistance to creators who wish to enforce royalties.
DeGods are a collection of 10,000 Solana NFTs that went to life in October 2021. Staking DeGods and DeadGods NFTs results in the issuance of DUST utility tokens for their holders. The DUST utility token from Dust Labs was initially launched as a reward for holders of DeGods.
According to data from CoinGecko, the DUST utility token is currently trading at $1.27, down 4.7 percent since the announcement of DeGods.
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DeGods are a collection of 10,000 Solana NFTs
According to DeGods, the new policy of paying no royalties will apply to the toobs and yoots NFT collections. In an effort to lower fees, Solana NFT marketplace Solanart announced in August that it was re-introducing custom fees on the marketplace for buyers and sellers, tweeting, This time YOU choose what’s fair.
Today, Solanart defended the collection against claims that it is going to zero by noting DeGods’ move to 0% fees. They heard that DeGods will reach zero. They tweeted that they sell him everything he wants for 33.33 SOL, then fuck off (and use 0% fees).On Twitter, Crown Capital DAO founder Dylan Shub questioned the DeGods announcement.
@Punk9059, the Proof Collective’s pseudonymous research director, tweeted, It’s weird that @frankdegods has to defend a move to 0% royalties. He is transferring everyone else’s SOL. And everybody else is furious.
