Rapid Insights: LooksRare's Royalty Update Sees Limited Success

Royalties have given marketplaces operating in the NFT space massive headaches lately. Cheered on by profit-maximizing traders looking to cut their operating expenses, marketplaces that circumvent royalties have been pilloried by creators, artists, and advocates of socially enforced royalty payments.

Although LooksRare has been the last man standing, barring OpenSea, in the vocal fight for artists’ main pillar for the sustainable monetization of their work, it finally surrendered to the raging competitive pressure by following suit. Unable to buck the trend of royalty omission any longer, the marketplace backtracked on its initial decision to champion royalties by updating its trading fee structure and royalty support last Thursday.