Fair Pay for Fair Play: Why Creator Royalties are Vital to Web3
Episode 01 - Animoca Brands Presents: Podcasts
Creator Royalties are payments on every secondary sale of their digital assets when they use non-fungible tokens (NFTs). This is enabled by smart contracts coded on blockchain networks, which allow creators to set the percentage of the royalty payment at the minting stage.
In this episode, Rich Robinson, Jamii Quoc, Cameron Kates, and Stephen Teglas discussed the importance of "creator royalties" in the Web 3.0 world.
They highlighted the need for marketplaces to respect royalty payments and for the industry to come together to create social norms around the payment of royalties. They discussed the danger of platforms such as Sudoswap that allow users to trade without royalty payments, and the need to stand together as a community to protect creators and their art. They noted the need to protect intellectual property and embrace Web 3 technologies to create a balanced environment that benefits both customers and creators. They also discussed the legal remedies available to creators dealing with marketplaces that don't pay royalties, such as using an NFT license, filing a copyright infringement claim, taking legal action for tortious interference with contracts, and engaging in open dialogues with marketplaces. They encouraged creators to support one another and stay weird and wacky to keep the NFT community strong.