LooksRare the latest NFT market to liquidate royalties, Twitter’s tweeting tokens and more
Nonfungible token (NFT) marketplace LooksRare is the latest in a string of NFT marketplaces to do away with enforcing royalties for creators by default, following the likes of Magic Eden and X2Y2.
The platform tweeted on October 27 that it would not support royalties for creators by default, choosing instead to share 25% of protocol fees with NFT creators and collection owners. Buyers can still choose to pay royalties when purchasing an NFT, but it will be on an opt-in basis.
Explaining the changes, it said 0.5% of the 2% protocol fee would go to collections, as long as the collection has a receiving address for the funds.
LooksRare said the willingness of buyers to pay royalties has “eroded” as a result of many NFT markets now moving to a zero-royalty model, adding that these disadvantages create by removing a source of passive income.
For this reason, it says it wants to create a “competitive solution” through its fee-sharing model with creators.
That’s why we choose to lead the way in this new landscape, by creating a competitive solution that still benefits creators: passing protocol fees directly to creators.
— LooksRare (@LooksRare) 27 October 2022
Reaction from the community was mixed, with some praising LooksRare for its revenue-sharing model, but the well-known Twitter NFT statistician, aptly named NFTstatistics.eth, said he doesn’t see the benefit.
“The average royalty paid is around 6%” they said tweeted“I wouldn’t say that giving artists 0.5% […] is a competitive solution that benefits creators.”
“I understand that everyone is trying to survive in this race to the bottom,” he added.
Twitter’s testing of token tweeting chips
Twitter’s development team announced on October 27 that they are testing “NFT Tweet Tiles” with some links to NFTs appearing on the platform with a larger image along with details about the NFT and the name of its creator.
Now testing: NFT Tweet Tiles
Some links to NFTs on @rarible, @MagicEden, @dapperlabs and @Jumptradeft will now show you a larger image of the NFT along with details such as the title and creator. Another step in our journey to allow developers to influence the Tweet experience. pic.twitter.com/AkBisciB1i
— Twitter Dev (@TwitterDev) 27 October 2022
Supported NFT marketplaces currently include Rarible, Magic Eden, Dapper Labs and Jump.trade. It comes after the platform rolled out NFT profile pictures in January, but only for its paid subscribers on Apple iOS.
The new feature could be a move to appease its most active users, as leaked internal Twitter documents show it found that the topics of interest among English-speaking heavy users of the platform have changed over the past two years, with one of the highest growing topics that are now cryptocurrencies.
Rumors are also circulating that Twitter is developing a crypto wallet, but so far the claim has not been supported by evidence or confirmed by Twitter. Regardless, speculation abounds that a takeover by crypto-friendly Elon Musk may be in the works.
EPL lines up $35M NFT deal with Sorare
England’s top men’s professional football league – the English Premier League (EPL) – is working to sign a nearly $35 million, or £30 million, NFT deal with Ethereum blockchain-based fantasy football game Sorare, according to Sky News.
Sorare is a fantasy football league trading card game where players buy, sell and trade NFT player cards to manage a team. The team can then participate in competitions and earn in-game points based on the actual on-field performance of the corresponding players.
The EPL will hold discussions with its 20 clubs regarding the reported multi-year contract on October 28. The deal will reportedly focus on static images of EPL players assigned to NFTs, which will of course allow fans to buy, own and likely trade them.
In March, it was reported that EPL tapped blockchain firm ConsenSys for an NFT deal reportedly worth over $300 million. However, Sky News reports that a drop in NFT prices prompted ConsenSys to renegotiate to lower the price of the deal, making Sorare’s offer more attractive to the league.
A separate agreement between EPL and blockchain developer Dapper Labs is also reportedly under discussion.
New NFT market gains on leading OpenSea in 24-hour trading volume
New NFT marketplace and aggregator Blur reached a record 1,610 Ether (ETH), around $2.5 million, in 24-hour trading volume on October 26, according to Dune analytics, placing it only behind the largest marketplace, OpenSea.
It topped rivals LooksRare and X2Y2 in terms of market share on the day, and took to Twitter to celebrate the milestone.
In the last 24 hours, Blur became the #2 NFT marketplace by volume (excluding wash trades)! Blur is also the number 1 aggregator.
This is a huge win for the entire Blur community who will eventually be the majority owners of Blur. It’s only day 7 and we’re just getting started! pic.twitter.com/YpvywTdU5H
— Blur (@blur_io) 26 October 2022
The Ethereum-based platform launched a beta version on October 19 with an airdrop of its native token BLUR to anyone who had traded NFTs in the past six months. It says it targets “pro-traders” and offers no trading fees and optional royalties.
Related: TV streaming providers should start relying on NFTs
Same day, NFT marketplace X2Y2 tweeted that it wants Blur to “stop using our listings on your website” and then blocked Blur from the platform, claiming it violated X2Y2’s terms by using multiple application programming interface (API) keys.
More good news
NFT marketplace myNFT will showcase its first ever physical NFT machine at the NFT.London event scheduled for 2-4. November. It will allow event goers to purchase an NFT by purchasing a displayed envelope, scanning a code to create a myNFT account and receiving the NFT in their newly created wallet.
Monkey Drainer, the pseudonym of an alleged phishing scammer, has reportedly stolen $1 million worth of ETH so far this week by creating copycat NFT mining sites, and it’s possible that the scam may have stolen over $3.5 million in total So far.
