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Storied auction house Sotheby’s has launched a peer-to-peer NFT marketplace<\/a> on Ethereum and Polygon. Buyers can trade NFTs using ETH or MATIC tokens, and the platform levies a 2.5% transaction fee.<\/p>\n Sotheby’s Metaverse is a curated platform featuring a limited selection of handpicked artists. At launch, 13 artists, including XCOPY, Tyler Hobbs, Claire Silver, Sam Spratt, and Refik Anadol, have been selected, with plans to rotate artists periodically.<\/p>\n The 279-year-old firm said the marketplace will honor creator royalties, which will be enforced using smart contracts.<\/p>\n \u201cSotheby’s commitment to honoring artist royalties comes amid a larger debate about royalties within the NFT community and signals Sotheby’s artist-first ethos as one of the only major NFT marketplaces committed to artist resale royalties,\u201d the company said<\/a>,<\/p>\n Creator royalties have been a topic of hot discussion in the NFT community, with each NFT marketplace taking its own stance on the issue.<\/p>\n On Feb. 18, OpenSea announced that it will collect a 0.5%<\/a> minimum royalty on all collections, and that marketplaces with similar enforcement will not be blocked.<\/p>\n Blur and OpenSea, the two largest NFT marketplaces, have generated less than $3.5M collectively from creator royalties in the past 7 days. NFT royalties paid have dipped by more than 60% in the past three months, with royalties paying users declining by nearly 75%, according to a Dune Analytics queries<\/a>,<\/p>\nroyalty enforcement<\/h4>\n
market capitulation<\/h4>\n