Are NFT Royalties the Way? How to Build a Sustainable Creator Economy - Ep. 414

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 1 November 2022

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sterling Crispin, artist and software developer and Holly Herndon, host of the Interdependence podcast, talk about the problems that creators face, some potential solutions, and the debate over creator royalties. Show highlights: how Holly and Sterling got into crypto how Holly used the Holly Plus Project to pay royalties how NFTs change the economic experience of being a creator how creators make money and why it is so difficult for most of them whether NFT royalties are necessary for artists why creators are the ones that should decide to charge royalties or not how the enforcement of royalties also occurs in the traditional art world whether NFT royalties only benefit big players vs. smaller creators what shifts could make paying royalties a norm, the way paying for music streaming became a norm over piracy other solutions to helping creators earn from their work besides NFT royalties whether NFT creators should use blocklists whether people objecting to blocklists can be hypocritical about decentralization whether creators can build their own marketplaces how a profit-sharing model among creators could work Thank you to our sponsors! Crypto.com Chainalysis Minima Sterling: Twitter Website Blog post: NFTs and Crypto Art: The Sky Is not Falling Holly: Twitter Podcast Holly's AI Video Episode Links Previous episodes of The Chopping Block debating NFT Royalties: The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! The Chopping Block: Was This Gary Gensler’s Most Liked Tweet? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? NFT Royalties Magic Eden Magic Eden Moves to Optional Royalties and Heats Up the Debate MetaShield Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard Why NFT royalties are almost impossible to enforce on-chain Galaxy Digital report showing that Nike and Yuga Labs earned the most in NFT royalties. Royalties in NFTs: Yes, no, and why? Royalties Chaos Shows Ethereum NFT Market 'More Serious' Than Solana: Fidenza Artist Tyler Hobbs Artists’ Royalties by BlackBox.art On Royalties by foobar Kyle Samani thread on verticalization Potential solutions Collector Royalties Collector Royalties Eligibility Expansion — Aug ‘21 How do they work Profit Sharing Cardinal Labs Metaplex Standard Exchange Royalties Guarantee NFTs for n00bs: A brief history of tokens and tulips, NFT aesthetics, energy dramas, fan brigades, social tokens and the metaverse with Daniel Keller Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, all.
0:01.0	As you know, there are a lot of changes happening right now in the world of NFT royalties.
0:05.5	I invited Sterling Crispin and Holly Herndon, who are both creators familiar with the NFT
0:10.4	world, to discuss how creators can earn money using blockchain technology, regardless of
0:15.0	whether it's through royalties or some other fashion.
0:18.2	We looked at how it is that creators currently make money in the traditional system, what
0:22.3	financial problems need to be solved for them, why NFT royalties have been so helpful
0:26.7	to creators, and what other ways they can earn regular income, if not for royalties.
0:31.8	My main takeaway after our discussion is that this isn't an easy problem to solve, and
0:36.5	a one-size-fits-all solution does not make sense since creators and their offerings are
0:40.7	so diverse.
0:42.4	After we wrapped, Sterling said he had meant to offer a rebuttal to people who suggest
0:46.1	harbinger taxes as the substitute for NFT royalties.
0:49.9	Harbinger taxes require all members of a population to declare a price at which they're
0:53.8	willing to sell the property they own, and then to pay a tax on that value.
0:58.7	Meanwhile anyone who offers to buy the property at the price can just buy it.
1:03.3	Sterling wanted to point out that this method benefits rich people who could easily pay
1:06.8	whatever amount people set, whereas everyday people might even struggle to pay the tax,
1:12.2	even though they are the ones setting it themselves.
1:15.0	I also wanted to note that this last week looks where I went to a zero royalty model, but
1:19.5	began setting aside 25% of its platform fees for creators.
1:23.8	They made this announcement after we've recorded, which is why we do not discuss this new
	...

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