ExpansionDAO

Description

xPunk royalties on sales to be changed to 7.5 percent (from existing 1%) and that this be implemented so as to affect Open Seas, Looks Rare and Coinbase NFT with the intent that 7.5% be the standard royalty rate going forward

Category: Treasury

Status: New

Motivation

Whereas…

NFT royalties pfp collection royalties have largely settled in the range of 2.5 to 10 percent.

xPunk’s royalties are outside of this range at 1 percent

xPunks sustainability in the long term is largely (or even entirely) dependent on royalties.

All royalties go back to the community via the DAO.

The xPunk lead developer has said that making this change is not time consuming or particular technical.

We suggest that…

xPunk royalties be changed to 7.5 percent and that this be implemented so as to affect Open Seas, Looks Rare and Coinbase NFT.

The intent would be that 7.5% would be the standard going forward on any platform that had the volume to make setting the royalty rate viable.

Key Terms / Background (optional)

Royalty rate: The percentage of each sales that comes out of the buyers sale price and goes back to the project or creator. (In the case of xPunks it all goes to the DAO)

Note that OpenSea (where the most volume of sales happens) also changes 2.5% fee on all sales. This doesn’t figure into royalties, but adding for clarity.

Details

The xPunk lead developer has indicated that he can implement this.

Timeline

To be done immediately once passed with the understanding that immediately needs to accomindate our lead developers schedule and any research he needs to do. So reasonably this could be done in a week.

Cost

None