4 ms·
Royalties apply on re-sale, not every transfer. Royalties on sales going back to the original creator is pretty normal practice in the arts and creative industr
by mattdesl 5y ago
Royalties apply on re-sale, not every transfer. Royalties on sales going back to the original creator is pretty normal practice in the arts and creative industries (music, writing, art, photography).
The good thing, compared to traditional markets, is that this is something that can be (loosely) enforced with smart contracts, the % rate is flexible, and the current NFT royalties are typically far better for the artists (eg: 10% NFT platform fee instead of 50% gallery fee).
- lottin 5y agoWhat on earth are you talking about? If I buy a copyrighted work in the second-hand market I don't have to pay any royalties to the original creator. That would be extortion.
- mattdesl 5y agoYou are free to do the same (trade w/o fees) with crypto currencies, nothing stops you from sending the tokens directly from one wallet to another or doing a private sale. But with galleries in the real world (where artists are “represented” - and the model that NFT marketplaces are emulating), the artist will receive royalties on sales.[1] [1] - https://www.dacs.org.uk/for-artists/artists-resale-right/in-detail https://www.dacs.org.uk/for-artists/artists-resale-right/in-...