Web3 developers lose more revenue than expected

Boris Pevzner remarked that, despite the Web3 ecosystem's self-promotion as a "creator-centric arena," new data reveals it failed.

Web3 developers lose more revenue than expected
Web3 developers lose more revenue than expected

The nonfungible token (NFT) sector has proven to be an effective entry point for introducing consumers to the Web3 area. This is especially true for artists and makers who use Web3 technologies to improve their work.

Nevertheless, fresh data from eBit Labs and LiveArt Marketplace indicates that the loss of author royalties in the NFT industry over the previous year may have been worse than predicted.

According to the statistics, after the launch of the Blur marketplace in October 2022, two of the major NFT collections, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), faced a $20 million shortfall in royalties.

The new information on BAYC and MAYC shortfalls indicates that prior estimates of $35 million in royalty shortfalls were likely too low.

Web3 developers lose more revenue than expected
Figure 1: Fees paid vs shortfall for the Bored Ape Yacht Club NFT collection. Source: eBit Labs

Creator royalties have been a hot subject in the NFT community. After a temporary suspension of creator royalties and subsequent outrage from the community, the OpenSea marketplace announced that it will impose creator fees on all posted collections.

In November 2022, the founders of BAYC presented a new mechanism for NFT creator royalties that would keep NFT wallet-to-wallet transactions free.

Web3 developers lose more revenue than expected
Figure 2: Fees paid vs shortfall for the Mutant Ape Yacht Club NFT collection. Souce: eBit Labs

In September 2022, another big NFT marketplace, MagicEden, defended its own NFT royalty enforcement technology. The tool enables artists to identify an NFT or obscure the picture if the listing or trade circumvents license regulations.

Boris Pevzner, co-founder and CEO of LiveArt, stated that despite the Web3 ecosystem’s self-promotion as a “creator-centric arena,” fresh evidence demonstrates that this promise has not been met.

“The shortfall in royalties clearly indicates that the current system is not working as it should.”

Pevzner said, “the area will lose its creative essence and become more like the stock market” if NFT marketplace regulations discourage artists from participating in the business.

Pevzner’s remark about market conflicts mostly alludes to the introduction of the Blur marketplace, which has targeted OpenSea’s market share.


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