DecentralandRequiem For Royalties: NFT Exchanges Abandon Recurring Compensation For Artists
Credit: ForbesForbes
•14 days ago
OpenSea, once the leading marketplace for non-fungible tokens, was built on a promise of royalties to digital artists each time their works were resold. Then came upstart Blur, whose no-fee, trader oriented platform put the focus on pricing and costs.
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NFT exchanges are increasingly being viewed as a viable alternative to traditional publishing models, as they offer artists a more direct way to monetize their work and have the potential to provide more sustainable royalties over time. This has led to a growing trend of artists foregoing traditional royalty payments in favor of launching their own NFTs on popular exchanges such as OpenSea and Rarible. This shift has the potential to revolutionize the way creators are compensated for their work, as NFTs can provide more consistent and reliable sources of income than traditional methods.
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Frequently asked questions
What is Requiem For Royalties?
Requiem For Royalties is a platform that seeks to replace the traditional system of royalties with a new system of non-fungible token (NFT) exchanges, in which recurring compensation is abandoned in favor of a single payment to the artist.
How do NFT Exchanges work?
NFT Exchanges enable the buying and selling of digital artwork, music, and other digital assets. The transactions are carried out through the use of digital tokens, which serve as proof of ownership.
Why is recurring compensation abandoned in favor of a single payment?
This is done in order to create a more equitable system for artists, in which they can receive a larger portion of the profits from their work. In addition, it eliminates the need for complicated royalty calculations and allows for more direct payments to the artist.
What are the advantages of using NFT Exchanges?
NFT Exchanges provide artists with a more direct and transparent way to monetize their work. They also make it easier for buyers to purchase digital artwork and music, as they provide a secure platform
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