According to Yat Siu, co-founder of the video game company Animoca Brands, royalties have fueled the growth of the non-fungible token (NFT) economy.
According to Yat Siu Royalties Enable the Success of NFT Projects
Via its NFT licenses, the Hong Kong-based company has taken a strong stand in support of digital creators. According to Siu, these licenses were given out so that creators would have a legal manner of safeguarding their royalty rights. At the recent NFT Paris conference, Siu reaffirmed the company’s stance and stressed the significance of creator rights and revenues for Web3.
About NFTs
The NFT business generated more than $24 billion in sales despite a bear market that dominated much of 2022.
“That means that billions of dollars went to creators but, more importantly, an even larger number went to owners of the assets of these entities that fueled an industry that made it possible to create companies like Blur, OpenSea, or Magic Eden,”
Siu
According to Siu, without them, there will not be enough money in the ecosystem to support project innovation.
“If you remove that, then you actually end up sending the industry, from our perspective, backwards,”
Siu
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