The purpose, implications and future of NFT royalties have been a hot topic of debate in the web3 space.
Although NFT royalties differ slightly than royalties we encounter in other sectors of business, such as music or IP usage royalties, they were vital to making NFTs an attractive business for many creators. From artists to large brands, NFT royalties change the way we make revenue, with recurring payments every single time an asset gets traded.
During the bull market of 2021, people relished their royalties, building entire projects off the premise that long term, royalties would sustain their activities. Holders wanted to also pay royalties, as they wanted to support smaller creators and see the long term success of projects they invested in.
Now in the bear market, that ethos has changed dramatically. All the issues regarding its validity and relevance however are a symptom of a greater issue the NFT space needs to address: greed.
In this episode of Not a JPEG, we explore the royalties debate, provide use cases, analysis, and conclude that the issue has nothing to do with royalties themselves, and everything to do with how we move forward in the space during exceptionally hard economic times.
Topics discussed include:
- the definition of a royalty;
- how royalties define NFTs, the good, bad and ugly;
- the pros of royalties: new revenue, ability to change current royalties markets, and encourage creativity;
- the cons of royalties: make buying and selling more expensive; and discourage creativity;
- a call to action regarding how we see the space moving forward;
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