Web3 evangelists say it will allow artists to cut out middlemen and to retain more of the financial benefits of their work. But how does this apply to NFTs? And royalties? The Bloomberg Crypto podcast dives into the current state of NFTs, and more.
Evangelists of web3 - a term popularized by venture capitalist Chris Dixon - will often say that a big goal of the whole thing is giving more power to creators, and especially monetary power.
That’s where things get complicated. If you’re a musician or an artist and you sell your work as an NFT, you’ll definitely get paid the first time you sell that song or piece of art. But what happens if the person who bought it sells it to someone else? In the idealized world of web3, you’d get a royalty on that sale - automatically. In reality, most of these transactions aren’t setup that way.
Evangelists of web3 - a term popularized by venture capitalist Chris Dixon - will often say that a big goal of the whole thing is giving more power to creators, and especially monetary power.
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