Visa joins World Cup NFTs, NFT marketplace rejects opt-in royalties

Visa joins World Cup NFTs, NFT marketplace rejects opt-in royalties QouteCoin

New York City: NFTs are moving to Ripple’s XRPL and a new marketplace is rejecting optional royalties.

A new NFT marketplace is opposing “optional” creator royalties, unlike Ethereum-based X2Y2, LooksRare, and Solana-based Magic Eden.

On Nov. 1, Find Satoshi Lab, the startup behind the famous move-to-earn software STEPN, released MOOAR, an NFT marketplace with “no optional royalties.”

Instead, its NFT royalty scheme defaults at 2% but lets artists specify royalties between 0.5% and 10%. Users cannot specify 0% royalties.

“With the blazing discussion going on concerning the payment of royalties, we are aware that many users have been vociferous in opposing the enforcement of such fees,” the MOOAR team said on Medium.

“Fully empathizing with the criticism, we firmly feel this ‘cancel culture’ has driven markets into a corner to the extent where leading marketplaces have imposed optional royalties,” it said.

Visa joins World Cup NFTs, NFT marketplace rejects opt-in royalties QouteCoin

Since the XLS-20 proposal was submitted on May 25, 2021, RippleX engineers have been working on adding NFTs to the XRP Ledger.

The team defined the idea as adding “native non-fungible token type, complete with functions to enumerate, acquire, sell and hold such tokens” to the XRP Ledger.

On Oct. 31, Ripple CTO David Schwartz informed his 395,600 Twitter followers that the XRP Ledger Mainnet now supports the XLS-20 standard following a vote.

Buyers on the marketplace may now choose how much royalties to donate to an NFT project. Some creators may not get royalties when their works sell.

On Oct. 15, Solana-based NFT store Magic Eden followed the contentious decision by switching to an optional royalties scheme following “tough thought and conversation with numerous producers.”

GameStop’s NFT marketplace on Ethereum layer-2 blockchain ImmutableX has launched as part of its Web3 effort.

Silicon Valley CEOs criticize Metaverse incarnations. Microsoft games director Phil Spencer labeled it a “poorly made video game,” while Snap CEO Evan Spiegel intimated that the current incarnations of the idea are quite rudimentary and he won’t want to spend time in it after a hard day of work. On Oct. 27, NFT marketplace LooksRare said it will no longer enforce creator royalties, enabling customers to opt-in.

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