Royalty-embedded blockchains can help NFT artists get paid: Here’s how
Rari Foundation’s Jana Bertram said that blockchain-embedded royalties would help creators thrive in Web3 in the long run.
Blockchains with royalties embedded within their code can guarantee that creator royalties will be respected, according to professionals working in Web3.
Nonfungible token (NFT) creators losing out on royalties was one of the most important issues that the space faced in 2023. As marketplaces experimented with the optional royalties model last year, creators lost out on millions of dollars that they could have earned for their NFT collections. On July 16, royalties on Ethereum-based NFTs hit a 2-year low, according to data provided by blockchain analytics firm Nansen.
While some platforms continue to hop on the optional royalty trend, others are going the other way, implementing built-in royalty enforcement tools within their blockchains. In June 2023, NFT-focused blockchain platform Enjin released a blockchain mainnet with royalty enforcement embedded in the blockchain’s foundational code.
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