OpenSea, once the leading marketplace for non-fungible tokens, was built on the promise of sustainable royalties for digital artists. As of September 1, OpenSea, once the leading marketplace for non-fungible tokenized art, rescinded its policy of mandatory royalty payments to NFT creators. According to The Block, total NFT trading volume has declined from approximately $5.36 billion in January 2022 to $410 million in August. Even before OpenSea ended royalty payments, a 10% royalty was more of a goal than a reality. “So, when you remove that, it changes the business model.”With fading royalties, NFT participants face new US regulatory issues.

Source: Forbes September 17, 2023 11:07 UTC