🐝 NFT Royalties in Crisis 😱 Mt. Gox Bitcoin Payouts Arrive!
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Here's what's on tap:
NFT Royalties Plunge: How to Prosper
Mt. Gox Creditors to Get Bitcoin Payouts This Month!
Eurozone Inflation Soars: Core Inflation Feels the Heat
NFT Royalties Drop to All-time Low: Here's How to Thrive
Hey, guess what? The royalty rates for NFT creators are going down, and it's becoming harder to generate sustainable revenue streams. The rates have dropped from 5% to 2.3% since the summer, with a low of 1.7%. That's not cool, but let's take a closer look.
It all started with Blur, which found a way around OpenSea's exchange block, causing OpenSea to lose leverage in protecting royalties. New projects that block exchanges will still be able to enforce royalties, but many people seem to be unaware of this fact. So, if you block LooksRare and SUDO, royalties will be enforced on OpenSea, Blur, and x2y2 until someone finds another workaround that gets liquidity.
I talked about this today:
Art Blocks were not tradable on Blur, but Friendship Bracelets, PACE Art Blocks, and Brain Drops were. The royalty rates for these remained high, but buyers still opted for OpenSea. It will be interesting to see how royalties evolve from here.
But don't worry, there are ways for NFT creators to deal with decreasing royalties. Here are four things you can do:
Add utility to your NFTs: By adding utility, you can create a reason for people to use your NFT beyond its initial purchase. This can include access to exclusive events, VIP treatment, or even access to additional content.
Create a DAO: A DAO, or Decentralized Autonomous Organization, allows for collective decision-making and can provide ongoing revenue streams for creators. A DAO can be funded through a portion of the NFT sales or by holding onto a portion of the NFTs.
Focus on long-term value: By creating NFTs that have long-term value, you can ensure that they continue to sell and generate revenue. This can include creating limited edition collections, adding scarcity, or creating a story or history around the NFT.
Diversify your revenue streams: Don't rely solely on royalties. You can create merchandise, sell physical prints of your NFTs, or even offer services like consulting or design work.
So, there you have it, while royalties may be decreasing, there are still ways for NFT creators to thrive in this changing landscape.
Mt. Gox Creditors to Receive Bitcoin Payments This Month!
It's been a long time coming, but creditors of Mt. Gox may finally see some resolution this month. According to reports, the now-defunct cryptocurrency exchange will begin making payments to creditors on March 10th.
The payments will be made in a combination of Bitcoin, Bitcoin Cash, and fiat money, with claimants expected to receive around 21% of the civil rehabilitation claim value. It's not a perfect solution, but it's a start.
Of course, there are still some hurdles to overcome.
Exchanges like BitGo and Kraken have set processing timeframes of up to 20 and 90 days, respectively, meaning that some creditors may have to wait a while longer before they see their payments.
But for some of Mt. Gox's biggest creditors, there is a bit of good news. Bitcoinica and MGIF have elected to take the early lump sum payment option, meaning that they will receive their payments in both crypto and cash.
It's been a long and arduous road for Mt. Gox creditors, but the end may finally be in sight. Here's hoping that they can finally put this chapter behind them and move forward.
⚡️ Daily Sizzle: Today's Must-Know Topics
FTX loses $8.9B in customer funds; 'Where did it go?' they ask
Eurozone inflation reaches new heights, core inflation feels the heat
Silvergate stock takes a dive as the bank braces for inquiries from all sides
US jobless claims drop, but still no jobs for that one friend
Aptos co-founder makes power move in quest for business domination
Binance and FTX are as different as night and day, except when it comes to losing billions." - Changpeng Zhao
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