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Bit20-Creative-Group / BitShares-NFT-Specification

Proposed specification for non-fungible tokens on the BitShares blockchain.
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Recurring % Fee for the NFT Original Creator #5

Open litepresence opened 3 years ago

litepresence commented 3 years ago

As the traditional art world suggest, an NFT might enter the market at $10... over the course of time become worth $10,000,000. This leaves the original sale by the artist of very low value, which fails to compensate the creator for their work.

To me the very purpose of NFT market is to reward creativity of artists; not to create a modern tulip market. In this sense it would be appropriate to attach durable intellectual property claim to the original artist.

It might require BSIP/Hardfork (especially as the Bit20 Group seems to be creating these assets as subassets of ARTCASA.* to reduce cost of principle namespace for NFT creators)... but:

My suggestion to the NFT protocol is that the original creator of the work is entitled to a fee that is percent of trade value every time the NFT changes hands. That % fee should be set by the original creator and accrue indefinitely into his possession upon every subjective change in value upon transfer between NFT holders.

iamredbar commented 3 years ago

removed comment, still thinking

grctest commented 3 years ago

If you set a market fee on your NFT (using an UIA) then AFAIK you can only collect fees in the NFT itself, which if it's got a precision of 0 and an issuance quantity of 1, won't be possible.

Further, if you plan on transfering asset issuance 'ownership' to "null-account" to make the NFT absolutely final, then null-account would be eligible for any such fee, no?

Perhaps you could use a fee backed asset to direct market fees towards the gallery/artist? The FBA could be entirely held by the artist, or they could sell part of their future art earnings.

Alternatively to all this, if you didn't take a fee from traders and your NFT rocketed to very high prices, you would have the reputation of an artist who is capable of creating high value NFT & thus should increase the price at which you sell the NFT on the open market at.

dls-cipher commented 3 years ago

There is no sense that if "Adam" owned an "apple" and decide to sell it at some point - ever gets % from its resale.

E.g. @litepresence - if you sell your car tomorrow, will next buyer of your car when they become classic/antique give you % There is also no sense that buyer from your NFT becomes a reseller for you. Ownership means 100% owned, how physically same goes for its value overtime.

My 2 cents.

Chee®s