NFT Marketplace LooksRare Removes Royalty Fees on Trading

NFT Marketplace LooksRare Removes Royalty Fees on Trading

With the growth of zero-royalty marketplaces, many NFT marketplaces also decided to execute this plan themselves. Famous NFT marketplace LooksRare announced two days ago, on October 27th it will offer zero royalty trading and share protocol fees with creators instead.

From now on, LooksRare will no longer support creator royalties and instead share 25% of the total protocol fees collected with creators/collection owners.

In detail, the NFT marketplace will undergo the following changes:

  • Royalties: LooksRare will direct 25% of protocol fees to creators and remove standard creator royalties. Buyers can opt-in to pay optional royalties at checkout.
  • Protocol Fees: Still 2% total, except now 1.5% of each trade goes to LOOKS stakers, and 0.5% goes to collections if they’ve set up a receiving address. (If they haven’t, total fees are only 1.5%)
  • Trading Rewards: 95% of trading rewards go to sellers and 5% to buyers.
  • Listing Rewards: The Listing Rewards leaderboard now ranks by OpenSea rolling 24-hour volume only.

Royalty fees have been a considerable advantage for creators until now. The growth of some zero-royalty NFT marketplaces forced LooksRare to take such actions, considerably, not removing them but giving them a 25% of their total protocol fees collected.