Lascaux Offers Fresh Take on Royalties Problem

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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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Author Bio

Bill Monighetti

Lucky Trader COO

A web3 degen with a soft spot for pixel art, Bill previously served a variety of roles at FantasyLabs/The Action Network including product manager and NFL news reporter. Red-pilled into NFTs by NBA Top Shot during the winter of 2020.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.