Zora Updates Revenue Split Model to Benefit Creators
The popular NFT minting platform, Zora, is changing its revenue split model to give more earnings to creators. Previously, the platform charged a 5% fee for each primary sale of an NFT, but it’s now shifting to a new model that aims to put more money back into the pockets of creators. Here are the key points:
1. Increased Creator Earnings: Zora will automatically split funds earned from mint fees with creators. Creators will receive a minimum of 42.9% of the mint fees from free mints and 100% of revenue from paid mints.
2. Incentivizing Creators: The platform hopes that this new model will encourage more creators to release projects on its site by providing them with a larger share of the profits.
3. Rewarding Developers: Zora will also reward developers for building on its protocol, expanding the pool of those who receive payment for their role in an NFT drop.
4. Shifting Attitudes: Zora has iterated on its revenue model as attitudes towards creator royalties have changed. The platform wants to support creators and make it easier for them to make money in NFTs and Web3.
5. Expanding the Market: By making these changes, Zora aims to expand its market and compete with dominant platforms like OpenSea.
In conclusion, Zora’s updated revenue split model is a step towards empowering creators and addressing the issue of artist royalties in the NFT space. The platform recognizes the importance of transparency and making policies more favorable for creators, even if it means taking a financial hit. This move could help bridge the gap between platforms, collectors, and creators, ultimately benefiting the entire ecosystem.
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