- The Chairman of Animoca Brands, via Twitter, announces its plan to inculcate NFT agreements to protect royalties.
- The NFT agreements would make buyers liable to pay NFT royalties to the creators.
- Through this agreement, the creators would have the right to enforce legal actions against individuals who do not comply with the royalty norms of the platform.
On 9th November, Yat Siu, the chairman of Animoca Brands, via Twitter, announced its centralized plans to respect the Web 3 ethos and protect royalties. Animoca Brands is a Digital Property Rights delivery platform where gamers and creators can play and earn economies in the metaverse. The platform expressed its concern regarding the current loss incurred by the creators due to no royalty charges paid for their NFTs by the buyer.
1/ .@animocabrands has always been a supporter of #NFT #creator #royalties. Given the discussion on this hot topic we want to share what we are working on to protect royalties in a manner that is #decentralized and respects the #web3 ethos #NFTs https://t.co/IXRSGIwV4j— Yat Siu (@ysiu) November 9, 2022
Animoca Brands, through this step to honour the ethos of Web3, has planned to introduce a particular set of NFT agreements that will require the payment of NFT royalties by the buyers. The buyer will get the desired license to that particular art and utility through this condition only.
Moreover, these licenses would also enable the creators and artists to remove the utility from any NFT transacted without royalties and take legal action against the same. Each sale with unpaid royalties would be liable to be accrued by the artists.
Through this initiative, the platform aims to create a legal framework ensuring the enforceability of NFT royalties. The NFT agreements would provide legal backup and act as a right for the creators to get their creation rights as an NFT artist or creator.