Yat Siu, co-founder of Animoca Brands, said, “Royalties have helped drive the growth of the NFT economy, and all these innovations are happening because royalties can be collected.”
Despite the bear market engulfing most of 2022, the NFT industry has amassed sales worth over $24 billion.
That means billions of dollars going to creators, but more importantly, even more money going to owners of those assets that power an industry that makes creating companies like Blur, OpenSea, or Magic Eden a reality. possible.
“Without royalties, there’s not enough money in the ecosystem to support project innovation, and if you remove that, then from our perspective, you actually end up setting the industry back,” Siu said.