The Only Good Part of NFTs Is Being Phased Out

Image caption: The company behind Bored Apes Yacht Club said it would block trading on OpenSea. Image credit: Todd Van Hoosear via Flickr. Article by Elaine Velie. Hyperallergic – August 21, 2023.

One of the shiniest redeeming qualities of NFTs — the requirement that artists receive payment every time a work is sold, whether for the second time or the hundredth time — is disappearing on OpenSea. The second-largest NFT trading platform announced on Thursday, August 17 that it is phasing out artist royalties, mandatory commissions that provided creators with a paycheck on all sales of their works. […]

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