Beeple Joins Royalty Conversation
Beeple, best known for his Everydays series and $69 million dollar NFT sale, joined the conversation on NFT royalties via a tweet thread on Saturday.
The artist responded specifically to the news that Magic Eden, the leading Solana NFT marketplace, would make royalties optional on its platform.
while I am obviously pro-royalties and don’t love what @MagicEden and others are doing, I do think there is one key change that they hit on… switching from a sellers FEE, to a buyer’s PREMIUM. i think this is actually much more sustainable long term… 🧵— beeple (@beeple) October 15, 2022
In Beeple's eyes, the switch from "sellers fee to buyer's premium" enables additional potential utilities.
"Projects could either enable or disable metadata / utility of the NFT based on this," he said, continuing to suggest "They could also do things that are less punitive and more incentivized to offer a true 'premium' version of the NFT for those who pay the buyer’s premium."
The conversation around royalties is so new that at this point in time no utility or solutions that Beeple suggested have been put in place.
Instead, projects like QQL have taken a proactive approach to instead disable the sale of its NFTs on select royalty-optional marketplaces.
However, if NFT projects continue to cede recurring revenues via royalties, they may opt to experiment with the aforementioned solutions as a means for producing royalty fees and more energized buyers.