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A Nansen Look at NFT Royalties
Darren Lim
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Key Takeaways
4 min read

  • A total of 699,816 ETH has been paid as royalties to NFT Projects on Ethereum. Of this, 25.9% was in 2021, 64.1% was in 2022, and 9.4% in the first half of 2023.

  • NFT volume this year is approaching approximately half of 2022 levels, yet royalties received by projects are far lower than before. YTD as a percentage of 2022, volumes are 50.6% while royalties only sit around 14.7%.

  • The effective fee rate for royalties have trended downwards significantly, from an average of 2.5% in 2022 to 0.6% in July 2023.
  • Yuga labs projects collectively have received 9.4% of all royalties earned.
  • An NFT Collection with high volume does not necessarily mean its royalties are similarly high - variables such as their creator fee percentage and launch date need to be considered.

Disclaimer: When calculating volume, the Nansen wash trading filter is used. For context, please check this article out.

An Overview of All-Time Royalties

Figure 1: All-time Royalties Earned

Figure 2: Royalties on a Yearly Basis

Figure 3: NFT Volume (Yearly)

Figure 4: Daily NFT Volume by Marketplace (Past 300 Days)

Figure 5: NFT Volume Aggregated by Marketplace and Type (YTD)

As of Jul 20, 2023, a total of 699,816 ETH has been earned by NFT projects via trading royalties. At current prices, that translates to approximately $1.3 billion USD. Note that when we price ETH at the time of NFT sale, lifetime royalties earned translate to $1.8 billion USD.

Earlier, we saw that a majority of royalties have been earned in 2022 (64.2% of all...