Explaining Some Changes

Slashing Royalties

As we’ve seen projects rise and fall over the past half year, we have seen collector sentiment develop general disdain for high royalty rates, generally seen as being above 10%. To benefit our collectors now and in the future, we will be slashing our royalty rates down from 10% to 5%. By taking a smaller piece from our collectors, we hope to establish greater value for collectors that support us. This is a feature that will be present in all future collaborations minted on platforms that allow us to determine royalties (Foundation being the notable exception).

Upenyu by Natasha Kudita

Engaging with the bitnifty Commission Pool

Second, we have decided to participate more actively in the community with the bitnifty Commission Pool. We have realized there are many artists out there struggling to make their first sale. Often, they could benefit greatly from the momentum and publicity their first sale would bring, and we want to help as many people as we can get the ball rolling. So we’ve decided the bitnifty Commission Pool will be used to buy NFTs from artists who haven’t sold any yet.

Trapped in Semblance by Cynthia Tannouri

Equalizing Fee Structure

When we set up our fee structure, we thought it reasonable to take a greater portion from secondary sales to pay for ongoing costs. As we’ve grown over the past half year, we have developed sustainability and acknowledge our main costs as being the minting fees we pay for our artists. As such, we have decided to take some more out of primary sales and give more to our artists from secondary sales. We will now request 5% more on primary sales and 10% less on secondary sales.

Her Grace II by Tatenda Diura

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bitnifty

bitnifty

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bitnifty removes the barriers between traditional art and NFTs — the art of the future. Join the dawn of the Digital Renaissance!