LooksRare, a non-fungible token marketplace, announced on Thursday that collectors will no longer be required to pay royalties to creators when purchasing digital collectibles. According to DappRadar, the platform has the fifth-largest trading daily volume among NFT marketplaces, and instead of supporting royalties “by default,” it will instead distribute 25% of platform fees to creators and collection owners. Buyers can now “opt in” to pay royalties at the time of purchase. The “Trading Rewards” distribution ratio on the platform has also been adjusted to favour sellers.
