NFT Royalties Surpass $1B; Record Label Introduces New Music … – Mondaq

According to recent reports, NFT Marketplace OpenSea announced that NFT creators have surpassed $1 billion in royalty payments on its platform. These royalties, or “creator fees,” are a percentage of the resale of the artist's NFT on the OpenSea platform. The royalties earned reportedly “do not include sponsorship revenue, engagement incentives or grants. …”
In other recent NFT news, according to reports, an American multinational record label has announced a multiyear partnership with Polygon, an Ethereum sidechain network, and LGND Music, an online marketplace for NFT music. Artists signed to this record label will reportedly begin releasing music NFTs through the LGND Polygon-based marketplace, which will offer desktop and mobile applications to access the music NFTs. A report quoted Polygon Studios CEO Ryan Wyatt as stating, “The way that we own and experience music is evolving, by fully embracing decentralized technologies and collectibles.”
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