Lascaux Offers Fresh Take on Royalties Problem
Open edition artist Lascaux took to Twitter this morning to offer a fresh take on the "royalties issue" that has been a hot topic in the NFT space during the recent marketplace wars between Blur and OpenSea.
❗Why It Matters
Many creators rely on revenue earned from royalties to help support their businesses, and after last week's decision by OpenSea to lower their fees to zero, creators are looking for solutions. Some have promised to build their own native marketplaces with royalty enforcement, but Lascaux offers another, creative approach centered around auction bidding.
🔍 Need to Know
Lascaux's proposed plan involved putting 1/1 NFTs up for auction in lots that will include a real, framed original print. Alongside the 1/1 piece will be a separate bidder's edition that is gifted to the top X number (in Lascaux's tweet, he says 989) of bidders who placed "fairly priced" bids during the auction. In theory, this would allow the artist to command a higher sale price on the primary market to make up for a lack of royalties earned through secondary sales.
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