What is the impact of the NFT royalty standard on the cryptocurrency market?

3 answers

• Dec 26, 2021 · 3 years ago
  The NFT royalty standard has the potential to revolutionize the cryptocurrency market. By introducing a mechanism that allows artists to earn a percentage of future sales, it incentivizes creators to participate in the NFT space. This could lead to an increase in the quality and quantity of NFT artworks, attracting more investors and collectors. Additionally, the royalty standard provides ongoing income for artists, which can incentivize them to continue creating and contributing to the NFT ecosystem. Overall, the implementation of the NFT royalty standard has the potential to create a more sustainable and vibrant marketplace for digital art and collectibles.
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• Dec 26, 2021 · 3 years ago
  The impact of the NFT royalty standard on the cryptocurrency market is significant. With the royalty standard in place, artists can now earn a percentage of the resale value of their NFTs. This creates a new revenue stream for artists, incentivizing them to create more NFTs and attracting more artists to the space. As more artists join the NFT market, the variety and quality of NFTs will increase, making it more appealing to collectors and investors. This could lead to a surge in demand for NFTs and potentially drive up their prices. However, it's important to note that the impact of the royalty standard may vary depending on the specific implementation and adoption by different platforms and marketplaces.
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• Dec 26, 2021 · 3 years ago
  From the perspective of BYDFi, a leading cryptocurrency exchange, the NFT royalty standard has the potential to bring more liquidity and interest to the cryptocurrency market. By allowing artists to earn royalties on secondary sales, it provides a financial incentive for artists to create and sell NFTs. This could attract more artists and collectors to BYDFi's NFT marketplace, increasing trading volume and driving up the value of BYDFi's native token. Additionally, the royalty standard may encourage more artists to collaborate with BYDFi, further enhancing the platform's reputation and market position in the NFT space.
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