Royalties earned by non-fungible token (NFT) projects have fallen to their lowest level in two years, according to a report by blockchain analytics firm Nansen.

The drop in NFT royalties comes as the recent decrease in the floor price of Bored Ape Yacht Club (BAYC) NFTs and the controversy surrounding the minting of Azuki Elementals.

Yuga Labs, the company that created BAYC, has amassed royalties totaling $165.5 million from its portfolio of NFT collections, while RTFKT has accrued royalties totaling $79.9 million from its collections.

According to the research, OpenSea was no longer the leading provider of royalty payments after rival marketplace Blur established a rule requiring a minimum of 0.5% fees unless projects opted out or imposed full percentages. Similar amounts of royalties are paid on both markets, with Blur paying out more when trading volume rises.

The top 10 NFT collections have generated over $345 million in royalties, with Yuga Labs accounting for 44% of the top 10 with $150 million in royalties. Only 20 NFT projects have so far generated more than $10 million in royalties.

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