NFT Economy

According to reports, Yat Siu, co founder of Animoca Brands, said, “Royalties have helped drive the growth of the NFT economy, and all these innovations have occurred because royalties can be collected.” Animoca Co founder: Royalties make it possible for NFT projects to flourish Analysis based on this information:The statement of Yat Siu regarding the contribution of royalties in the progress of the NFT economy can be interpreted as significant. It elucidates how the royalty system can drive innovation and foster the growth of this emerging market. Royalties incentivize creators to produce quality content as they receive a percentage of earnings every time their works are sold. This also benefits buyers since it ensures that the creators have a vested interest in creating content that would keep the market thriving. Thus, with the royalty system, creators are not just motivated to create for short term gains, but for the long-term sustainability of their products. In addition, royalties have enabled the…