SHILL Issue 78

They vigorously marketed botted projects like @ShroudedNFT, @DegentownNFTs, @kingsofdastreet, etc. This led
to obscene extraction via royalties — leaving many to believe that royalties were the “problem.”
NOW. To clarify — I’m not trying to lampoon @MagicEden here. Just giving my perspective. They’ve been stuck
between a rock & a hard place for months, and, they’re now in an impossible position. They built for an unhealthy,
immature, & nascent market & amplified those traits.
S1P2: The State of the Union
1. @y00tsNFT/@DeGodsNFT just farmed ~$2 million in royalties off of an unrevealed NFT, then virtue signaled
“0%” royalties after benefiting for months.
S1P2: The State of the Union
2. @MagicEden is now below 50% market share for the 1st time in 2022 bc of 0% royalty competitor. 3. Creator
incentives are blowing up like a pipe bomb inside of a PO Box.
Quote Tweet
@cryptonent
yes, this 0% royalties will force projects to find revenue streams, but it also leaves no incentive to make the fp go
up or provide any holder benefits. why are you even in NFTs at that point?
S1P2: The SOTU
4. Degens are championing “sustainable revenue streams” in place of royalties even though: • Revenue streams
can’t be shared with holders (SEC) • ME can’t even claim its “revenue” is secure nor sustainable. • BAYC, Moonbirds,
DeGods, etc, don’t have them.
S1P2: The SOTU
5. Metashield & not “owning” your NFT. All of this ends up in a big, disgusting, royalty-farmed soup that ends up
creating a somewhat reasonable justification for removing royalties all together. But it isn’t that simple, not at all.
S1P3: The Future Without Royalties
It’s bleak: Soft rugs will increase. Hard rugs will increase. Mint prices will go up. Free mints will be less frequent.
De-rugs will cease to exist.
SHILL Issue #78
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