Decentraland Goes Live with Royalty Payment System

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All powerful metaverse, Decentraland, has introduced royalty payments into its secondary sales system. As such, creators of wearables will now receive an additional payment every time an item is resold.

Following the update, creators of new and existing collections on the Polygon network will receive a 2.5% commission by default, and should they desire, can override this function and delegate an alternative beneficiary using the management tool. Afterwards, the creator, or beneficiary, will receive a share of any further transactions.

Before the change, Decentraland worked on a framework where 2.5% of every single sale went directly to the platform DAO, which left the original creator only earning a fee from the primary listing. Going forward, however, they will forgo this bounty on all secondary trades, opting instead to give the fee directly to the creator or whoever they have delegated as beneficiary.

Royalties have arrived to the Decentraland marketplace!

Secondary sales will now distribute commissions to creators, or whoever they choose! Read more in the latest blog post! 👑https://t.co/RO1FfuNfup

— Decentraland (@decentraland) January 5, 2022

The change is a result of Decentraland’s DAO-based government system, where members discussed, then passed the proposal prior to launching it on the platform. As a consequence, it marks a major breakthrough for contributors to the esteemed metaverse. The update is now live, however, it only applies to new listings. So, any made prior to the launch are not eligible to receive royalty payments.

Source: https://nftplazas.com/decentraland-royalty-payment-system/

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