What are NFTs and how do they affect artist royalties?
An example of an AI chatbot conversation about NFTs and their impact on artist royalties.
What are NFTs and how do they affect artist royalties?
NFTs, or Non-Fungible Tokens, are unique digital assets verified using blockchain technology. They allow artists to sell their work directly to consumers, often with built-in royalties for future sales.
How do these royalties work in practice?
In practice, when an NFT is sold, the artist can set a percentage of the sale price as a royalty. This means that every time the NFT is resold, the artist receives a portion of that sale.
Are there any platforms that support artist royalties for NFTs?
Yes, several platforms like OpenSea, Rarible, and Foundation allow artists to set royalties on their NFTs, ensuring they benefit from future sales.
What challenges do artists face with NFTs?
Artists face challenges such as market volatility, the need for technical knowledge, and concerns about copyright and ownership in the digital space.
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