Royalties earned from nonfungible token (NFT) projects hit their lowest point in two years, according to a report by blockchain analytics firm Nansen.
The lowest point in NFT royalties is due to the impact of the recent Bored Ape Yacht Club (BAYC) NFT floor price drop, as well as the controversial launch of the Azuki Elementals collection.
Back in April 2022, NFT royalties were at their peak. The creators earned approximately $75.7 million in a single week. According to Nansen, BAYC creator Yuga Labs earned a total of $165.5 million in royalties from NFT collections.
RTFKT received total royalties of $79.9 million from collections including CloneX, while Azuki earned $58.2 million from collections zuki, Beanz, Elemental Beansa and Elementals.
Proof, the studio behind Moonbirds, brought in $35 million, while Doodles earned $27.4 million from Doodles Collection, Space Doodles, Genesis Box and Dooplicato. Pudgy Penguins earned an 8.3. Millions of dollars from Pudgy Penguins, Lil Pudgys and Pudgy Rods.
Nansen emphasized the importance of NFT royalties as an indicator of a studio’s financial foundation for development. because it plays a role in generating income
NFT Market OpenSea It used to be responsible for distributing royalties to NFT projects through 2023. The report states that this trend changed when rival marketplace Blur adopted a policy that imposes a 0.5% minimum royalty unless the project opted out. or enforce full percentage
“Currently, OpenSea and Blur are on par when it comes to licensing fees. The royalties paid on Blur are higher as trading volume increases.”
Nansen’s data also revealed that the top 10 NFT collections received more than $345 million in royalties, with Yuga Labs’ $150 million in royalties making up 44% of the top 10. Interestingly, there were only 20 NFT projects. The only project that has received more than $10 million in royalties to date.
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