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Ethereum NFT Royalties: Are Artists Getting Their Due?
NFT royalties on Ethereum hit an eye-popping 699,816 ETH, roughly translating to $1.8 billion. However, data analytics firm Nansen's deep-dive analysis points to an unsettling trend.
Despite sustained NFT volumes in 2023, royalties for this year only constitute 9.4% of the total payout, a stark contrast to 2022, which accounted for over 64% of the total ETH paid. The culprit behind this disparity is the downward trend in effective royalty rates, which fell from 2.5% in 2022 to a scant 0.6% by July 2023.
Some NFT projects such as Yuga Labs, behind popular initiatives like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), are among the few benefiting, receiving 9.4% of all royalties.
Gucci Launches KodaPendant for Otherside Metaverse
Gucci, one of the world's most renowned luxury fashion brands, has partnered with Yuga Labs to release the KodaPendant, a limited edition pendant available in both physical and non-fungible token (NFT) forms. The release is part of the Otherside Relics By Gucci collection, which sets out to break new ground at the intersection of fashion, entertainment, and gaming.
On April 6th, the KodaPendant will be available for purchase to holders of the Koda or Vessel NFTs, which serve as avatars in the Otherside metaverse. The pendant, made of silver, is shaped like a Koda, and engraved with "GG," with a chain that measures 50cm long. The pendants are priced at 450 ApeCoin each, totaling $1,930 at current prices, with only 3,333 available.
Once purchased, the metadata of the Koda or Vessel NFTs will be updated with a KodaPendant trait, leading to a physical update to the token's associated animated character. This innovative approach adds a unique touch to digital assets, showing the potential for NFTs to bridge the gap between fashion and technology. Sponsored
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