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Almost all of the major marketplaces on Ethereum and Tezos facilitate artist royalties.
by mattdesl 5y ago
Almost all of the major marketplaces on Ethereum and Tezos facilitate artist royalties.
- Ensorceled 5y agoHow is this being collected/enforced with anonymous wallets and transactions?
- wonderwonder 5y agoThe wallet address is your id. So essentially if I create an nft, it is forever associated with my wallet as the creator. I set a royalty amount in the smart contract and the transfer of the nft / token takes place through the contract and automatically sends the percentage of the fee to my wallet. The token does not go directly from A to B, it passes through the contract where the logic to transfer the token is implemented.
- iamacyborg 5y agoSo if the artist loses access to their wallet they'll never be able to retrieve payments accrued?
- wonderwonder 5y agopretty much. You lose access to the wallet and don't have your private key backed up, then its gone. Most wallet providers bug you to back up your key seed and even test you to validate that you have. Just like losing the key to an encrypted file.
- Ensorceled 5y agoBut totally unlike losing my bank card or forgetting my pin.
- mattdesl 5y agoIt depends on the platform. On Hicetnunc.xyz, buying a token on the marketplace automatically deducts 2.5% of sale to the platform (for services rendered), 10-25% to the artist (or whatever they set as royalty amount for the token), and the remainder to the seller. This is enforced via the blockchain contract, i.e. it cannot easily be circumvented on that marketplace (but it can be circumvented via peer-to-peer transfer or an alternative marketplace/contract). The wallets can all be anonymous; it just sends these tokens to different addresses.