Art Blocks firm in their belief that Creator Royalties are essential to Sponsorship Culture

02/23/2023 06:13 • Metaverse Matters • 150 views

On February 23, the chief technology officer of Art Blocks, the NFT platform, purplehat.eth, announced in social media that although OpenSea and Blur have made some adjustments around creator royalties recently, the NFT platform will continue to support royalties, because they firmly believe that creator royalties are a meaningful pillar of sponsorship culture.

NFT platform Art Blocks announced that it will continue to support royalties, and the aggregation list will be included in Blur

Analysis based on this information:

The emergence of NFTs (Non-Fungible tokens) has completely revolutionized the art world in recent times. NFT platforms have enabled independent artists to tokenize and monetize their digital art creations, thereby avoiding the traditional gatekeeping systems prevalent in the art world. However, with such advancements come challenges and ethical considerations. One of the most pressing ethical considerations pertains to creator royalties.

Creator royalties refer to the percentage of the resale value of an artwork that goes directly to the original artist every time the artwork is resold. Over the past years, there has been an ongoing debate on whether NFT platforms should support royalties or not. Some prominent NFT marketplaces like OpenSea and Blur, recently disclosed that they will stop supporting creator royalties in their marketplaces, eliciting mixed reactions from industry participants.

Art Blocks, the NFT platform, has adhered to its stand on supporting royalties despite the recent decisions made by other marketplaces. In a social media post by the chief technology officer of Art Blocks, purplehat.eth, on February 23, 2022, the platform made it clear that they will continue to support creator royalties. The statement emphasized their firm belief that royalties are an essential pillar of sponsorship culture, aimed at rewarding creators for their efforts.

The decision made by Art Blocks is highly commendable, as it recognizes the unique position of digital art as an innovative art form in the current digital economy. Creators have consistently pushed the boundaries of traditional art mediums and have created new art forms that require a new approach to compensation. Digital art is highly susceptible to reproductions and copies that can be easily distributed without compensating the original artists. Royalties not only address this issue but also create an incentive for creators to create more groundbreaking artworks that can be appreciated for a long time.

In conclusion, Art Blocks has decided to stand by their belief in supporting creator royalties, reinforcing the need for ethical considerations and fair compensation of creators in the NFT industry. Art Blocks has demonstrated leadership in this regard and has set an example for other NFT marketplaces to follow.

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