BREAKDOWN: Are NFTs Still Disruptive in a Zero-Royalty World?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 17 October 2022
⏱️ 20 minutes
🧾️ Download transcript
Summary
Magic Eden announced Friday it would be moving to a royalties-optional model.
This episode is sponsored by Nexo.io, Circle and FTX US.
On today’s episode, NLW looks at the non-fungible token community’s current debate about royalties. Marketplaces are moving to zero-royalty or royalty-optional models, while many in the space think it is precisely automated royalties that made NFTs so disruptive for artists and creators in the first place.
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I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: TIM VERNON / SCIENCE PHOTO LIBRARY/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Automated royalties are one of the most disruptive aspects of NFTs for artists and creators. |
| 0:04.0 | The market has shown that people have made a lot more from royalties than from initial mince. |
| 0:07.9 | But market pressures and competition are pushing NFT marketplaces to not enforce royalties. |
| 0:12.4 | This is reminding people that royalties are not enforced on a protocol level |
| 0:15.6 | and are really more about social consensus and market norms. |
| 0:18.8 | There's a lot of bluster and anger right now, but ultimately a lot of |
| 0:21.5 | this is going to be a social market question of where norm should land. Welcome back to the |
| 0:27.4 | breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts |
| 0:34.5 | remaking our world. The breakdown is sponsored by nexo.io, circle, |
| 0:38.7 | and FTX, and produced and distributed by CoinDesk. What's going on, guys? It is Monday, October 17th, |
| 0:46.9 | and today we are talking about NFT royalties and what they mean for the disruptive potential of |
| 0:53.6 | NFTs. |
| 0:54.9 | Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it, |
| 0:58.5 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 1:02.1 | come join us on the Breakers Discord. |
| 1:04.1 | You can find a link in the show notes or go to bit.ly slash breakdown pod. |
| 1:07.9 | Also a disclosure, as always, in addition to them being a sponsor of the show, |
| 1:11.1 | I also work with FTX. All right, folks, happy work week. We are back again. Thanks for all of your |
| 1:17.8 | nice messages about being sick. As you can tell, I'm still a little under the weather, but not quite as |
| 1:23.2 | parched as I was by the end of last week. Anyway, today, we are looking at an interesting discussion happening in the NFT space. And as I was by the end of last week. Anyway, today we are looking at an interesting discussion |
| 1:28.4 | happening in the NFT space. And as I've mentioned before on this show, NFTs aren't exciting to me |
| 1:34.7 | necessarily for the same reasons that they are for many people. I'm not in the business of yucking |
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