LooksRare joins the lineup of NFT marketplaces that have abandoned default creator royalties but says its replacement solution is “competitive.”

LooksRare joins the lineup of NFT marketplaces that have abandoned default creator royalties but says its replacement solution is “competitive.”

Nonfungible token (NFT)marketplace LooksRare is the latest in a string of NFT markets todo away with enforcing creator royaltiesby 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 it 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 address for the funds.

LooksRare said the willingness of buyers to pay royalties has “eroded” as a result of many NFT markets now moving to a zero-royalty model adding that these disadvantage creators by removing a source of passive income

For this reason, it says it wants to create a “competitive solution” through its fee-sharing model with creators.

The reaction from the community was mixed, with some praising LooksRare for the revenue sharing model, but well-known Twitter NFT statistician, the aptly named NFTstatistics.eth, said he doesn’t see the benefit.

“The average royalty paid is around 6%” theytweeted, “I wouldn’t say that giving artists 0.5% [...] is a competitive solution that benefits creators.”

“I do get that everyone is trying to survive in this race to the bottom,” he added.

Twitter’s testing token tweeting tiles

Twitter’s development team announced on Oct. 27 that it’s testing “NFT Tweet Tiles” with some links to NFTs showing on the platform with a larger picture along with details of the NFT and the name of its creator.

Supported NFT marketplaces, for now, include Rarible, Magic Eden, Dapper Labs and Jump.trade. It comes after the platform rolled outNFT profile picturesin January, but only for its paid subscribers on Apple iOS.

The new feature could be a move to appease its most active users, asleaked internal Twitter documentsshow it found the topics of interest among English-speaking heavy users of the platform have shifted over the last two years, with one of the highest-growing topics now being cryptocurrencies.

There are also circulating rumors that Twitter is developing a crypto wallet, but so far, the claim hasn’t been backed by evidence nor confirmed by Twitter. Regardless, speculation abounds that it could be in the works with thetakeover by crypto-friendly Elon Musk.

EPL lines up $35M NFT deal with Sorare

The top English men’s professional soccer league — the English Premier League (EPL) — is working on signing a nearly $35 million, or 30 million British pounds, NFT deal with Ethereum blockchain-based fantasy soccer game Sorare,accordingto Sky News.

Sorare is a fantasy soccer league trading card game where players buy, sell and trade NFTs player cards to manage a team. The team can then enter contests and earn in-game points based on the actual on-pitch performances of the corresponding players.

The EPL will hold discussions with its 20 clubs regarding the reported multi-year contract on Oct. 28. The deal will allegedly focus on static images of EPL players assigned to NFTs, which of course, will allow fans to buy, own and likely trade them.

In March, it was reported that the EPL tapped blockchain firm ConsenSys for an NFT deal allegedly valued upward of $300 million. Still, Sky News reports that a slide in NFT prices had ConsenSys renegotiating to lower the price of the agreement, which made Sorare’s offer more attractive to the league.

A separate deal between the EPL and blockchain developer Dapper Labs is reportedly also under discussion.

New NFT market gains on leader OpenSea in 24-hour trading volume

The new NFT marketplace and aggregator Blur hit a record high of 1,610 Ether

, around $2.5 million, in 24-hour trading volume on Oct. 26,accordingto Dune analytics, placing it only behind the largest marketplace, OpenSea.

It topped its rivals LooksRare and X2Y2 in terms of market share on the day, taking to Twitter to celebrate the milestone.

The Ethereum-based platformlauncheda beta version on Oct. 19 with an airdrop of its native token BLUR to anyone who had traded NFTs in the last six months. It says it targets “pro traders” and offers no trading fees and optional royalties.

On the same day, NFT marketplace X2Y2tweetedthat it would like Blur “to stop using our listings on your website” and subsequently blocked Blur from its platform, claiming it violated X2Y2’s terms by using multipleapplication programming interface (API)keys.