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I think the idea is that a lot of these come with publishing contracts built in so the artist receives a royalty if the token changes hands and the current owne
by playingchanges 6y ago
I think the idea is that a lot of these come with publishing contracts built in so the artist receives a royalty if the token changes hands and the current owner has the rights to license the art.
For example if I sell you a song as an nft you could then license the song to Budweiser to use in a commercial and we both get paid. Think about how difficult this would be to arrange without the nft to handle the contract.
- setpatchaddress 6y agoSong publishing seems like a bad example here — it’s insanely easy to make that arrangement in practice because there is an existing real world payment / licensing structure for exactly that transaction.
- sneak 6y ago> I think the idea is that a lot of these come with publishing contracts built in so the artist receives a royalty if the token changes hands and the current owner has the rights to license the art. I've not seen a single NFT that comes with an associated copyright license to the underlying work. Additionally, the artist only receives a royalty if the token is sold on these marketplaces that enforce the royalty. There's no such thing preventing a private sale that doesn't pay it.
- djoldman 6y agoIsn't it possible to actually code it into the ethereum contract to send eth to a wallet when it's traded?
- tsimionescu 6y agoHow would that matter if it's traded off chain?
- sneak 6y agoIn theory. I've not seen a contract that does that, however. This doesn't mean they couldn't exist, just that (in my current understanding) it's not part of the ERC-721 spec.