Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
LooksRare no longer supports NFT creator royalties by default.
The move comes as a bid to keep up with other exchanges, like X2Y2 and sudoswap, that have already moved to opt-in royalties.
This race to the bottom is one symptom of how NFT marketplaces are starting to feel the pressure from market saturation via increased competition.
Indeed, speaking of X2Y2, this week the exchange blocked new NFT aggregator Blur from using its API in what boiled down to competitive shielding.
Blur sidestepped the block by using the API of Gem, another NFT marketplace aggregator owned by OpenSea, to pull in X2Y2 trades.
All that said, everyone is competing with OpenSea, including DeFi giant Uniswap, which acquired its own NFT aggregator in Genie earlier this year to enter and get competitive in this sector.
Long story short? The NFT marketplace wars have heated up considerably this year, and right now there’s no slowing down in sight. Look for more struggles for positioning accordingly!
In the meantime, thanks for reading everyone. Time to get you caught up on the other big headlines from this week ✌️
-WMP
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Genesis Mooncat #1103 resold for 35Ξ.
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RTFKT endured a loopable transaction exploit during its RIMOWA Cabin Luggage mint event:
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Art Blocks launched its new and improved website.
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Jimmy Edgar unveiled PLASTICS, a series created using the new Drops tool by Foundation:
William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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