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Nonfungible token (NFT) marketplace LooksRare is the latest in a string of NFT markets to do away with enforcing creator royalties by default following the likes of Magic Eden and X2Y2. The platform tweeted on Oct. 27 that it would not be supporting creator royalties by default, instead choosing to share 25% of its protocol fees with NFT creators and collection owners. Buyers can still choose to pay royalties when purchasing an NFT but will be on an opt-in basis. Explaining the changes, it said 0.5% of its 2% protocol fee would go to collections, as long as that collection has a receiving add ...
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