NewsNFT

DeGods removes royalty, says marketplaces will eventually move to 0% model

DeGods

The popular Solana NFT brand DeGods has announced that they are shifting to the zero percent royalty model after a recent debate in the NFT industry about the same. Declaring it the “next experiment,” DeGods founder says that this will be the best decision for its business.

The move to remove royalty effectively removes the collection from potential future legal actions relating to artist royalties. One of the biggest NFT collections on the Ethereum chain, CryptoPunks has also shifted to 0% royalty.

All three collections, i.e. DeGods, t00bs, and y00ts are all shifted to 0% royalty. As this tweet goes live, the metadata for the DeGods collection royalties is being updated from 9.99% to 0%.

For months, DeGods had been referred to as a rug even though there was huge activity on the marketplace for the DeGods collection. Solanart also defended the decision made by DeGods to remove the royalty and tweeted in their support. The marketplace has a feature of re-introducing custom fees and that’s what is mentioned here in their tweet.

One of the users didn’t support the decision by logically explaining how royalties are a reason why teams have been actively working on the project and if the creator fee is removed, then the purpose is lost and the team ends up with a short-term quick profit from the minting that happens at the beginning.

But later, the same user also said that Frank, the owner of DeGods doesn’t owe anything to the community after building up so much, but this was directed towards the smaller NFT creators.

There have been more projects on the ETH chain that have shifted to zero royalties, and we might see more from the marketplace side of it.

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