NFT Royalties

NFTs have become a popular way for artists to showcase and sell their digital art. One unique aspect of NFTs is that they often come with built-in royalty systems, which allow the artist to continue earning a portion of the sale price each time their work is resold. This is an important feature for artists, as it helps to ensure that they are fairly compensated for their work and allows them to continue to earn income from their creations. There is an active debate regarding royalties in the NFT world and we at ThreeSpaces feel strongly that this mechanism, baked into the technology, is of critical importance for supporting the amazing artists in this space. 

One major benefit of NFT royalties is that they provide a more stable and predictable source of income for artists. In traditional art sales, the artist only receives payment once, when the work is initially sold. This means that the artist has to constantly create and sell new work in order to earn a steady income. With NFT royalties, however, the artist can continue to earn a portion of each sale, even after the initial sale has been made. This can provide a more reliable source of income and allow the artist to focus on creating new work without worrying about constantly having to sell it.

Another benefit of NFT royalties is that they help to ensure that artists are fairly compensated for their work. In the traditional art world, it is not uncommon for artists to receive only a small percentage of the sale price of their work, with the majority of the profits going to galleries, agents, and other intermediaries. With NFTs, however, the artist can set the royalty rate and receive a larger portion of each sale. This not only helps to ensure that the artist is fairly compensated, but it also helps to create a more sustainable and equitable art ecosystem.

In addition to the financial benefits, NFT royalties can also help to promote the ongoing value and appreciation of an artist's work. When an artist's work is resold and they continue to earn a portion of each sale, it helps to reinforce the idea that their work is valuable and worth investing in. This can help to create a loyal fan base and can also help to increase the overall value of the artist's work.

NFT royalties are an important feature for artists, as they provide a stable and predictable source of income, help to ensure that artists are fairly compensated, and promote the ongoing value and appreciation of an artist's work. By supporting NFTs with built-in royalty systems, we can help to create a more sustainable and equitable art ecosystem for the artist within our collection.