Solana-based NFT project DeGods becomes royalty-free. On October 9, DeGods shared a tweet announcing the project’s update as well as its transfer to proof of work.
From now on, the creators will receive 0% of royalty fees instead of the 9.99% they previously got. Notably, the cut of the sale the creators previously got was slightly higher than the average royalties among NFT collections.
We still believe that royalties are an incredible use case of NFTs. We will continue to support creators that want to find solutions to enforce royalties. We believe this is the best decision for our business at this time. It’s about time we take a new approach.
DeGods said about the update.
Interestingly, DeGods did not share the exact reason behind this decision to go royalty free.
DeGods is a Solana-based collection of 10,000 PFP-styled NFTs first launched in October 2021. As of October 11, the average sale price of a DeGod NFT is 8.4 ETH (approximately $10,360 at the time of writing), with 1 million SOL traded. The project also features its utility token, $DUST, which is currently worth $1.29, as the price decreased by 4% after the royalties announcement.
In September, the creators of DeGods introduced a new NFT project, “y00ts.” Individuals willing to receive access to the allowlist had to fill in a question form with their data and answer several questions. Following this, the project’s creators chose who was worthy enough to participate in the mint, stating that they aim to build a community of “the coolest people in Web3.” According to the statement, y00ts will also undergo royalty updates.
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