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Some NFT platforms also support credit cards. But, I'd rather buy art in a way that doesn't include exploitative third parties that take a significant cut (Stri

Some NFT platforms also support credit cards. But, I'd rather buy art in a way that doesn't include exploitative third parties that take a significant cut (Stripe, Shopify, PayPal, currency exchange fees when paying an artist in another country, etc). For reference, the last NFT I purchased on Hicetnunc.xyz had a protocol fee of 0.002947 XTZ (around 1¢ USD) and a platform fee of 2.5%, the rest of the sale went directly to the artist's wallet. To your second point; this remains to be seen—society can place value on many different abstract concepts, "ink on paper" may not be the only valuable vehicle for art and culture.

atom_arranger 5y ago
Platform fee of 2.5% doesn’t seem that different from the fees the payment processors you listed charge.
- mattdesl 5y ago
  In practice, the fees in traditional e-commerce systems tend to be significantly higher than 2.5% (I say this as an artist running a Shopify print shop for a few years). Some services like Bandcamp are upwards of 12-18%. Hicetnunc fees are fixed, and the free market gives an opportunity for other platforms to improve on this if the community desires a marketplace with lower fees (it's much easier to build an alternative to Hicetnunc than an alternative Stripe/Shopify/PayPal). Artists are also given a 10-25% royalty (which they decide) for each resale of a token on the Hicetnunc marketplace. And, of course, since it is all peer-to-peer, you are free to exchange art tokens with no fees at all, save the negligible protocol/transaction fees.
indigochill 5y ago
> society can place value on many different abstract concepts What society definitely can't place value on is a URL to a digital asset that may or may not be there tomorrow, because an uninsured, untrusted value store can't be relied on. There's nothing saying NFT artifacts have to be digital, though, I'd think. Using them to facilitate trade of physical artifacts would back the trade with (relatively) reliable value stores (physical artifacts) while benefiting from the low transaction fees.

atom_arranger 5y ago

Platform fee of 2.5% doesn’t seem that different from the fees the payment processors you listed charge.

mattdesl 5y ago
In practice, the fees in traditional e-commerce systems tend to be significantly higher than 2.5% (I say this as an artist running a Shopify print shop for a few years). Some services like Bandcamp are upwards of 12-18%. Hicetnunc fees are fixed, and the free market gives an opportunity for other platforms to improve on this if the community desires a marketplace with lower fees (it's much easier to build an alternative to Hicetnunc than an alternative Stripe/Shopify/PayPal). Artists are also given a 10-25% royalty (which they decide) for each resale of a token on the Hicetnunc marketplace. And, of course, since it is all peer-to-peer, you are free to exchange art tokens with no fees at all, save the negligible protocol/transaction fees.

indigochill 5y ago

> society can place value on many different abstract concepts What society definitely can't place value on is a URL to a digital asset that may or may not be there tomorrow, because an uninsured, untrusted value store can't be relied on. There's nothing saying NFT artifacts have to be digital, though, I'd think. Using them to facilitate trade of physical artifacts would back the trade with (relatively) reliable value stores (physical artifacts) while benefiting from the low transaction fees.