Bridging two crypto worlds, Clay Nation's innovative move meets OpenSea's royalty ripples! Dive into this dynamic crypto narrative, where metaverse marvels collide with NFT nuances.
Guess what’s blazing trails in the metaverse this week? Clay Nation, a sparkling set of 10,000 NFTs, has rolled out an ingenious blockchain bridge linking Cardano and Polygon within the virtual world of The Sandbox. And trust us, this isn’t just another bridge; it’s the Golden Gate of crypto bridges!
Dive into the Metaverse: Game on!
Partnering with The Sandbox, a leading metaverse entity hailing from Hong Kong, Clay Nation is pushing boundaries. Now, you can flex your Cardano-based NFTs in The Sandbox game, a Polygon delight. But as we dance through this digital delight, there’s a storm brewing elsewhere in the NFT world.
OpenSea’s Royalty Rollercoaster
OpenSea, a mega-giant in the NFT marketplace, dropped a bomb on Aug. 17, deciding that creator royalties would become optional, effective from Aug. 31. This move has sent shockwaves across the digital art community. NFT royalties are the golden eggs for many creators. Each time their artwork gets resold, they earn a slice of the pie.
Generative artist Zancan, creator of the Tezos-based Garden, Monoliths collection, called out OpenSea’s move. “Removing royalties is shooting a bullet in one’s foot,” they said, emphasizing that such royalties are the very heartbeat of why artists adopt blockchain for their art.
For context, Zancan’s NFT collection roped in over 1.2 million in Tezos (around US$788,040) in secondary sales. Thanks to a 15% royalty fee, Zancan netted a cool US$118,000 in royalties.
However, the OpenSea shakeup wasn’t random. The NFT market had been in choppy waters. Yet, while OpenSea’s royalty earnings have taken a dip since their announcement, the NFT minting on Ethereum suggests creators are bouncing back, albeit slowly. But there’s a note of caution. With creator royalties being essential for many artists, Tezos has positioned itself as a creator-centric platform, with over US$126 million in all-time sales volume.
David Tng from TZ APAC suggests that artists might gravitate towards platforms that venerate the royalty system, ensuring their craft gets the monetary appreciation it deserves.
Clay Nation and the NFT Market Dynamics
Amid these market dynamics, Clay Nation’s bridge shines even brighter. Interoperability might be the key to keep the NFT world thriving. Yet, as Tommy Chandra points out, artists shouldn’t solely bank on one marketplace. Exploring platforms like LooksRare, Blur, and Rarible can be part of a winning strategy.
From bridges in The Sandbox to royalty rumbles on OpenSea, the crypto universe is never short of action. As always, for all the hodlers, artists, and crypto-curious souls: stay informed and never stop exploring.