Unchained The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! - Ep. 409
Oct 19, 2022
In this intriguing debate, Laura Shin, an author and crypto podcaster, goes head-to-head with Zhuoxun Yin, cofounder of the NFT marketplace Magic Eden, and Li Jin, cofounder of Variant Fund, known for their expertise in the creator economy. They tackle NFT royalties, with Laura arguing against zero royalties as a threat to creators, while Haseeb claims they aren't sustainable. Discussions also cover the future of the NFT market, the impact of optional royalties on creators, and innovative solutions for aligning interests between creators and collectors.
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Newsweek's Decline
- Laura Shin shared her experience at Newsweek, highlighting the decline of revenues in traditional media.
- The decimation of revenues forced many journalists to leave the industry, emphasizing the need for sustainable creator compensation.
Norms vs. Code
- Haseeb Qureshi argues that NFT royalties, enforced by norms, are fundamentally different from code-enforced rules.
- He compares royalties to MEV, predicting that norms eventually fail, necessitating innovation rather than relying on goodwill.
Royalties Doomed?
- Haseeb Qureshi believes NFT royalties are unsustainable due to economic incentives.
- He argues that creators' bargaining power is decreasing, and the market will find ways to avoid high fees.