Web3: Maximizing profits will cause creators to lose

The NFT industry, just like the crypto industry, is going through a lot of turbulence. However, of all the difficulties that could arise, the reduction in royalties is the most difficult to bear, according to Yat Siu, the president of Animoca Brands. Given the controversial decisions taken by the platforms, the future of Web3 could well be in doubt.

Opensea, a resumption of control that does not delight Web3 creators!

In terms of the economy, everyone is generally looking for their profit and when a player in the sector is threatened, they do everything to get back in the saddle. While Opensea is known as the leader in NFT markets, it was recently outclassed by Blur, a new player in the market.

To mitigate the threat, reducing fees seems to be the best option. Although this solution has restored the image of the structure, the creators find themselves aggrieved. Indeed, the president of Animoca Brands thinks dropping royalties would be disastrous for many people.

The royalty is a boon for NFT projects as it brings a continuous revenue stream. During a interview at NFT Paris, the latter said that dropping royalties is tantamount to destroying the industry that feeds many people. Therefore, it must be protected and avoided behaving like Wall Street financiers.

The sandbox, conquering the metaverse

The year 2023 starts with a bang for the metaverse market and the blockchain industry, but especially for The Sandbox. The native game of Animoca Brands has recently grown its wings and has had a string of successes. Between its engagement with Saudi Arabia and the arrival of new NFTs, the tone is set! However, despite the constant development and collaborations, Yat Siu fears the repercussions of the profit motive for the industry.

For the blockchain ecosystem mogul, prioritizing profits is a typical mentality of traditional finance. In an ecosystem where decentralization is hoped for, the focus should instead be on the fair share of creators. Is Web3 in danger? Yat Siu is convinced it is, if things don’t change.

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