Solana (SOL) cryptocurrency co-founder Anatoly Yakovenko proposed the concept of a flexible “win-win” strategy that could turn the tide in NFT development, trade, marketing and promotion.
“Immutability Instead of Uncertainty In Cryptocurrency”
Yakovenko wrote on Twitter about the dangerous inconsistencies that NFT developers and entrepreneurs need to address. He stated that he is confident the industry is in dire need of a clear copyright mechanism as a means of “additional income” for content creators.
To make royalties fair and transparent, it is necessary to change the concept of ownership in the NFT segment. While the sole owner of NFTs cannot be a creator or investor, the owner of NFTs must have “certain” rights to effectively enforce royalties.
Yakovenko said the following about the concept of copyright, which has not fallen off the agenda recently:
“I think the obvious things about NFT royalties are:
A really cool mechanism for creators to earn additional income
The market will move around them if not applied directly in the tech space
They should be understandable to users”
I think what is obvious to me on NFT royalties
1. they are a really cool mechanism for creators to earn additional revenue
2. if it’s not enforced directly in the tech the market will move around them
3. they must be unambiguous to users🧵— toly 🇺🇸 (@aeyakovenko) October 14, 2022
The Search for Better Copyright Designs for NFTs
Yakovenko emphasized that the design of the rights to be applied to any token should be clear to all interested parties before the purchase takes place.
In the comments to Yakovenko’s tweet, with cryptocurrencies altcoin engineers and NFT fans proposed various tax models for digital tokens: super high royalties for the first sale, 2-3% tax on each subsequent sale.
There has been intense debate over the ideal copyright scheme for the cryptocurrency industry. The NFT marketplace X2Y2 was introduced in August 2022 by cutting all royalties to zero.
*Not investment advice.
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