April 9, 2021

How NFTs Gained 10% Minimum Secondary Sale Royalties as Industry Standard For Artists

Story begins at 20:00

Full text of this audio story.

The letter artists collaborated on creating and sending to platforms can be found here.

“By September 2019, SuperRare launched their second contract which reduced royalties to 3%. I spoke up on Twitter at the time but didn’t get much traction. Artists didn’t seem to care– and this really pained me. But I thought someone would speak up. I waited for one of the leaders to be a leader…

The leader I was waiting for was me. I really liked the conversations and interactions that happened on Discord during the creation of First Supper on Async. So I spun up my own Discord channel. And I sent private invitations to about 20 artists– ones the community respected and that I knew I could trust…

So in this Discord channel, we made some impassioned speeches. Bard Ionson did quite a bit of research on the history of royalties to help us shape our arguments. Many artists took their work off of sale from platforms that did not have royalties. They boycotted– I especially remember OficianasTK and Skeenee taking these measures. But we wanted to discover through each other what did we all want? What was right for us? What did we want to accomplish for future artists?

To make a long story short, what began at the beginning of March— we had reached consensus among most all of the major platforms to have an industry wide standard of minimum 10% secondary sale royalties for artist minted NFTs. On the last day of March, at the beginning of a pandemic, while markets were bearish as all heck, SuperRare confirmed they would join us. We asked the platforms and collectors to join the artists as ALLIES in making NFTs stronger so that mass adoption could succeed one day. So that the benefits of NFTs actually spoke to more than just people’s pocketbooks. This is what we accomplished together.”