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Finding a way to continually profit from their creations has long been a challenge for artists. Often, a creative artist will profit only one time from the initial sale of their work. However, if an artwork becomes more valuable, the artist typically doesn’t have the ability to continue reaping the rewards.
The cryptocurrency sphere is using NFT royalties to change this. A closer look at the NFT market can give you a better understanding of how to generate passive income from your work.
NFT royalties are fees payable to content creators each time their works are sold. By establishing NFT royalties, creators can continue to profit on a perpetual basis, which may also encourage them to continue making content.
Historically, content creators and artists have had to continue producing work in order to support themselves. Their efforts produced a single payday, so that increased popularity of their established work didn’t yield any dividends for them. NFTs, or non-fungible tokens, are digital assets that can be bought or sold using cryptocurrencies. They use smart contracts to support transparent, private transactions. At the same time, they provide the opportunity for artists to earn passive income through a simple minting process. Once an NFT has been minted, the artist will receive a portion of the transaction each time a sale occurs in perpetuity.