Creator royalties, or a lack thereof, on NFT marketplaces have been the niche’s biggest talking point of late. For SuperRare though, the decision to pay creators was already made five years ago. According to the project’s co-founder and CTO Jonathan Perkins, when SuperRare launched in 2018, the royalty aspect was going to be a “standard.” Creator royalties are fees ranging up to 10% of an NFT sale that’s paid to creators. For projects that generate significant trading volume, these fees can be a substantial source of revenue. OpenSea’s controversial move to change its creator royalty and fee structure earlier this month has raised serious questions about what the value proposition of NFT marketplaces will be if artists and the original creators are cut off revenue streams. Now, buyers on the marketplace are free to decide whether or not they want to honor creators’ royalty preferences on the world’s leading NFT marketplace. The decision followed the news that rival marketplace Blur, which previously offered a 0.5% minimum creator royalty, is enforcing full creator royalties for any collection that blocks trading on OpenSea, marking a fresh round of standoff between the two companies.

SuperRare’s co-founder and CTO Jonathan Perkins believes that the challenges facing more generalized marketplaces are much different than for SuperRare as “collectors on SuperRare are generally not doing high-frequency trading or trying to make a quick buck.” He also believes that big companies and brands rushing into the NFT space is quite natural as there’s “so much surface area,” and big brands are certainly aware of a new customer base and a new creator economy emerging. Perkins advises companies to “show up without an agenda and try to learn, try to talk to people, learn from the artist” in order to do things in an authentic way.

This news is important because it shows that SuperRare has been paying their creators royalties since 2018, which sets a standard for other NFT marketplaces. It is also important because it shows that the NFT community has a good “bullshit detector” and will be able to tell the difference between authentic projects and those that are just trying to make a quick buck. This is good news for creators and collectors of NFTs, as it sets a standard for projects being created in the space and ensures that creators get their fair share for their work.

#NFT #SuperRare #CreatorRoyalties #CryptoNews #Web3

You can read more about this topic here: Decrypt: NFT Royalties Are ‘Not Going Away on SuperRare’: Co-Founder Jon Perkins

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