I don’t know much about NFTs, but can’t the “give original artist a cut of royalties” clause be coded into the smart contracts? Why does it depend on a particular platform?
It doesn’t depend on the platform, but the venn diagram of artists trying to get paid and people who know how to write a smart contract doesn’t overlap much. Marketplaces were built to ease the former into the space by taking care of all that for them. The artists, for their part, just had to trust that the contracts actually did what they said they did and watch for the money to hit their accounts as proof.
People who were depending on the platform to sort that out are now stuck with either finding another platform or figuring out how to write the contracts themselves on top of their other business duties. Even if they do so, they’re likely going to lose a good portion of their following and brand precense in the move.
I don’t know much about NFTs, but can’t the “give original artist a cut of royalties” clause be coded into the smart contracts? Why does it depend on a particular platform?
It doesn’t depend on the platform, but the venn diagram of artists trying to get paid and people who know how to write a smart contract doesn’t overlap much. Marketplaces were built to ease the former into the space by taking care of all that for them. The artists, for their part, just had to trust that the contracts actually did what they said they did and watch for the money to hit their accounts as proof.
People who were depending on the platform to sort that out are now stuck with either finding another platform or figuring out how to write the contracts themselves on top of their other business duties. Even if they do so, they’re likely going to lose a good portion of their following and brand precense in the move.