Mocaverse Postpones Public Casting Time Due to Adjusted Royalty Policy

02/20/2023 07:36 • AI Insights • 94 views

According to the report, the NFT series Mocaverse of Animoca Brands announced that because OpenSea recently adjusted the royalty policy, the on-chain royalty of Mocaverse under the current policy will not be fully implemented and cashed, so Mocaverse will postpone the public casting time.

Animoca Brands NFT series Mocaverse announced postponement of casting

Analysis based on this information:

The NFT series Mocaverse of Animoca Brands has delayed its public casting time due to a revision in OpenSea’s royalty policy. Mocaverse has stated that the on-chain royalties under the current policy will not be entirely executed and monetized. This delay could suggest a significant hurdle in the NFT market’s current state because royalties had been a crucial element of NFT trading.

OpenSea is one of the most significant NFT marketplaces, with sales exceeding $3 billion up to June 2021. Before the royalty revision, OpenSea’s platform allowed creators to earn a royalty from secondary sales of their work for up to 10%. The revised policy included a progressive rate of royalties applied to sales, culminating in an increase in royalty rates from 2.5% to 10% for sellers earning over $1 million.

Mocaverse, being a highly sought NFT series, could generate high secondary sales, which would have given the creators reasonable compensation under the previous royalty policy. The postponement of its public casting time shows the implications of the recently revised policy on the NFT market.

This significant shift indicates that the NFT market is still in a state of evolution, seeking to establish an efficient model for creators to derive monetary value from their works of arts through the secondary sales of their NFTs. Despite the hiccups, the market remains optimistic about the future of NFTs.

In conclusion, the Mocaverse NFT series’ postponement of its public casting time is due to OpenSea’s revised royalty policy, affecting the on-chain royalties under the policy’s current version. The NFT market is continuously evolving, and stakeholders need to seek effective ways to establish a financially viable model for creators. The market remains optimistic despite the hurdles that arise, indicating a continued potential for NFTs in the future.

Overall, the three keywords in this message are NFT series, Mocaverse, and royalty policy. These words help to summarize the context, focus on the NFT market’s current state, and highlight the significant changes affecting creators and fans of NFTs.

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Mocaverse Postpones Public Casting Time Due to Adjusted Royalty Policy

Animoca Brands NFT series Mocaverse announced postponement of casting

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