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It's possible - if not common - to setup the underlying smart contract to send some amount of funds back to the creator when an NFT changes hands. So that turns
by joshmarlow 5y ago
It's possible - if not common - to setup the underlying smart contract to send some amount of funds back to the creator when an NFT changes hands. So that turns selling a piece of art once to pay the bills into selling it once and then subsequently collecting royalties (potentially indefinitely).
As far as I know, that's a pretty novel offering.
EDIT: for grammar
- anamexis 5y agoBut at the end of the day, you're not reselling the art, you're reselling the NFT. There's nothing that makes this capability unique to NFTs or crypto - you could sell a license to an artwork that has similar terms.
- joshmarlow 5y ago> There's nothing that makes this capability unique to NFTs or crypto Yeah, you're probably right here. This is a slight pivot in discussion but - you're right, the proper license agreement (if enforced) would give a similar effect. And there's a strong argument that NFTs, DAOs for gathering capital, etc are just serving functions similar to Patreon or Kickstarter. But there are a lot of projects popping up and getting varying degrees of attraction in the crypto space. Maybe crypto isn't making many new things possible - but it might be making lots of things a little easier?