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Listen "NFTs and automatic royalties"
Episode Synopsis
Did Van Gogh die in vain?
Wouldn't it be nice if non-fungible token art carried with it an automatic royalty, so that every time the artwork was sold, the artist would receive a percentage of the sale price? Kind of like what happens in some jurisdictions when artworks are sold through auction houses? In this video, I explain why this isn't going to work, and why NFTs aren't magic bullets that can ensure artists who become successful get a guaranteed share of the profits from the subsequent increase in their artwork.
As for my question about Van Gogh - no, he didn't die in vain. Tragic though his suicide was, it has become part of the whole narrative behind his life and art. But that doesn't change the fact that he did die in poverty.
Wouldn't it be nice if non-fungible token art carried with it an automatic royalty, so that every time the artwork was sold, the artist would receive a percentage of the sale price? Kind of like what happens in some jurisdictions when artworks are sold through auction houses? In this video, I explain why this isn't going to work, and why NFTs aren't magic bullets that can ensure artists who become successful get a guaranteed share of the profits from the subsequent increase in their artwork.
As for my question about Van Gogh - no, he didn't die in vain. Tragic though his suicide was, it has become part of the whole narrative behind his life and art. But that doesn't change the fact that he did die in poverty.
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