11-20 August: This Week in NFTs, recapped in one letter

Gm,

From “blue chip” to yet another bear market victim? DeGods have been in freefall since Season III dropped, with the DeLabs founder announcing that “The Hype era for NFTs is over.”

DeGods have therefore join the ranks of other big collections that had a massive drop in floor price over the past few months, namely Azuki, Doodles, Moonbirds, Memeland and BAYC/MAYC.

It wasn’t just DeGods in the red this week, however: the entire crypto market took a big hit, with ETH dropping all the way down to $1500 (and has since rebounded to ~$1670).

Be it as it may, we have a more pressing subject: Royalties.

On Thursday, one of the biggest NFT marketplaces in the space announced that they’re sunsetting their royalty enforcement program. Needless to say, that move wasn’t well received by the community, and Yuga Labs—arguably the largest NFT company right now—even decided to cut ties with that marketplace following the update.

We can’t stress enough how bad disregarding royalties is for the space.

To amplify our message on the importance of royalties, we’ve dropped a free OE mint on Polygon. Let’s #StandForRoyalties.

Exactly what Vitalik intended when he invented Ethereum:

Stop doing things you hate.