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Home»NFT»Royalties for NFT projects on Ethereum reach 699,816 ETH
NFT

Royalties for NFT projects on Ethereum reach 699,816 ETH

2023-07-25No Comments2 Mins Read
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The total royalties paid to NFT projects on Ethereum has reached 699,816 ETH, which is approximately $1.29 billion. Deranzxc, an analyst for on-chain analytics firm Nansen, shared his in-depth on-chain research on NFT royalties and other trends in the broader NFT market.

Nansen previously took to Twitter to share the results of deranzxc’s on-chain investigation, which revealed that 699,816 ETH had been paid out as royalties to NFT performers. According to Nansen, the conversion rate takes into account the price of Ether at the time of the sale of the NFTs, which values ​​lifetime royalties at a whopping $1.8 billion.

Of the total royalties, 25.9% or 181,252 ETH was paid in 2021. Most of the royalties were paid out last year, with over 64% of the nearly 700,000 ETH being paid out. The royalties paid in 2023 accounted for 9.4% of the lifetime amount.

According to Nansen, the royalties received by NFT projects and artists this year are much lower than in previous years, despite the NFT volume being similar to that of 2022. The year-to-date (YTD) statistics showed that 2023 already represents 50.6% of sales made last year. But the royalties earned from those sales were only 14.7% of the 2022 figure.

The Nansen analyst further highlighted that the effective royalty fee rate had gone down, from an average of 2.5% last year to 0.6% as of July 2023. Of all royalties paid to NFT projects to date, Yuga Labs collectively received 9.4%. Yuga Labs is the web3 company behind leading NFT projects such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

See also  Onchain Bitcoin and Ethereum fees drop below $2

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