LooksRare Reduces Creator Fees to Zero as Competition Hots Up

Hip young NFT marketplace, LooksRare, has waded into the great creator royalty debate with its own take on the issue. Therefore, reducing its creator royalties to zero, while providing a degree of compensation through its own platform fees.

With the emergence of NFT aggregator sites, a great battle has begun to rage among marketplaces, seeing many platforms sacrifice creator earnings in order to provide a more attractive price point. However, drawing much criticism as artists lose a vital component of their earnings with no loss to the marketplace.

In the latest development to this ever more popular strategy, LooksRare has reduced its default creator royalties to zero. Instead, distributing a quarter of its 2% platform fees to creators and collection owners while additionally allowing buyers to opt-in to royalties should their conscience get the better of them.

🧵 Starting today, #LooksRare will no longer support creator royalties by default, and instead, share 25% of the LooksRare Protocol fee with creators/collection owners.https://t.co/roNvv1q30R

— LooksRare (@LooksRare) October 27, 2022

As crypto winter sees NFT sales drop to the lowest since January 2021, marketplaces have begun to feel the pinch, and are now employing more and more desperate strategies to gain a foothold in the industry. However, as the price point begins to once again plateau, will they forgo their own profits entirely in a bid to get ahead?

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