What are the advantages of implementing royalties in the NFT ecosystem for crypto enthusiasts?

3 answers

• Dec 20, 2021 · 3 years ago
  One of the advantages of implementing royalties in the NFT ecosystem is that it provides artists and creators with a continuous stream of income. By receiving a percentage of the resale value every time their NFT is sold, artists can benefit from the increasing value of their work in the secondary market. This incentivizes artists to create more high-quality and unique NFTs, which ultimately benefits crypto enthusiasts who are looking for valuable and collectible digital assets.
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• Dec 20, 2021 · 3 years ago
  Implementing royalties in the NFT ecosystem also helps to establish a fair and transparent system for artists. With royalties, artists can ensure that they are properly compensated for their work, even after it has been sold multiple times. This can help to address the issue of artists being underpaid or not receiving any compensation for the resale of their artwork. By providing a mechanism for ongoing royalties, the NFT ecosystem promotes a more equitable relationship between artists and collectors, which is beneficial for both parties.
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• Dec 20, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, recognizes the advantages of implementing royalties in the NFT ecosystem. By incorporating royalties, artists can benefit from the increasing value of their NFTs, while collectors can have confidence in the authenticity and provenance of the digital assets they acquire. This creates a win-win situation for both artists and crypto enthusiasts, as it encourages the creation and acquisition of high-quality NFTs.
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