Bored Apes founders propose new model for NFT creator royalties

Artists need to be fairly compensated for their work, and Bored Ape Yacht Club (BAYC) is highlighting this issue in a very compelling way. In a recent blog post, the founder of BAYC Wylie Aronov gave his suggestions on the ongoing nonfungible token (NFT) creator royalties debate.  The conversation about NFT creator royalties was spurred after OpenSea's Nov. 6 announcement that it would follow other NFT marketplaces on royalty enforcement — which would entail the possibility that some creators would not receive royalties off their artworks.  Aronov voiced his opinion that this move was "not great." For Aronov and his fellow co-founders Greg Solano and Kerem Atalay, creator royalties were "the single most important factor that brought them [creators and artists] into the ecosystem." "For as much as NFTs have been about users truly owning their digital assets, they've also been about empowering creators." As a response, Aronov alongside the other founders of BAYC suggested a model to incentivize trading on "marketplaces that respect royalties," which inspiringly led to several prominent NFT artists like Beeple expressing their support. See the full story and what people are saying here on Cointelegraph. Be the first to know what's going on in the world of NFTs with the same "realtime" news feed Cointelegraph's journalists use to report on market moving developments.  Russell DeCorte Director Markets Pro © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2022 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.