NFT News Official TheBitTimes.com

New data from research by eBit Labs and LiveArt marketplace reveals that the previous estimates of creator royalty losses, which were around $35 million, may be much higher. The nonfungible token (NFT) space has been a proven gateway for helping users take their first steps into the Web3 space. This is particularly true when it comes to artists and creators using Web3 tools to enhance their work.  However, new data from eBit Labs and LiveArt marketplace reveals that the loss of creator royalties over the past year in the NFT space could be higher than estimated. According to the data, after the emergence of the Blur marketplace in October 2022, two of the leading NFT collections - Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) - experienced shortcomings in royalties of around $20 million alone The new data involving BAYC and MAYC shortcomings then points to previous estimates of $35 million in royalty shortcomings likely being too small. Figure 1: Fees paid vs shortfall ...

NFTs were expected to boom this year. Sadly, the fervor that the industry started off with did not persist throughout the year. While this came as a blow to the industry, a few OpenSea artists had to deal with the abrupt blocking of the platform. As per recent reports, a whopping 30 artists as well as collectors were banned from OpenSea. All of them were from Cuba. Therefore, the latest ban was affirmed to be due to the sanctions imposed by the United States. It should be noted that the largest NFT firm is headquartered in New York. Speaking about the same, an OpenSea spokesperson reportedly said, “We comply with U.S. sanctions law. Our terms of service explicitly prohibit sanctioned individuals, individuals in sanctioned jurisdictions, or services from using OpenSea.” The NFT platform even confirmed that Cuban artists weren’t the only ones facing a ban. OpenSea pointed out that artists and collectors from Venezuela, Iran as well as Syria were subject to this policy....