NFT royalty revenue reached its lowest volume since 2021, according to crypto data firm Nansen.
“OpenSea was the dominant platform for distributing royalties to NFT projects until February 2023,” Nansen said in a new report on NFT royalties. It added that the landform changed as Blur introduced royalty requirements and OpenSea adjusted its policies.
NFT royalty data as of September 2018. Image: Nansen
“Currently, OpenSea and Blur are on par when it comes to the royalties paid through their respective marketplaces, with more royalties being paid on Blur as trading volume increases,” it noted.
Although NFT revenues have declined, some top projects have still made a lot of money from them. Bored Ape Yacht Club (BAYC) has received an all-time total of 22,288 ETH ($42.2 million) in royalties, according to Nansen data. Azuki, who has been the subject of much controversy lately, has registered 17,362 ETH ($33 million) in all-time royalties.
BAYC NFTs hit their lowest floor in over a year this week. The minimum cost of this blue-chip NFT hit a low of 27.03 ETH (approximately $51,500) before rising to 29 ETH as of publication, data from The Block shows. The price of other popular NFT projects also dropped, with CryptoPunks hitting a floor price of 41 ETH ($78,000) and Azuki plummeting to a floor of 8 ETH ($15,000).
By 2022, the creators of NFT earned $1.8 billion in royalties, with the top 10 projects bringing in $489 million in residual revenue.