Fortune Royalties

Problem to Solve:

Royalties should be applicable if a sale occurs above a certain price.

Royalties were a tool for artists to contract services of art collectors, distributors, etc while ensuring they share in the profit of their work. This is also why royalties were only paid if the artwork sold above a certain price. Something that’s shockingly missing from current NFT royalties.

An analogy of this problem with patents. There exists a big fear that somebody else can make a fortune off your idea while you get nothing (ex: Gray Matter Technologies)

Similarly somebody can make a fortune from your NFTs while you make nothing.

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Possible Solution:

Taking the concept of the Minimum threshold price but applying a very high bar to it.

People don’t really mind if others make small profits once they’ve been adequately compensated.

So for e.g. royalties can kick in on sales over $100k. In this scenario the artist can share in disproportionate upside and the seller ideally shouldn’t mind paying this given they’ve profited significantly.

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Resources:

1. Royalties are dead, long live Royalties

2. Solana Docs

3. Solana SDKs and Frameworks

4. A list of NFTs projects that have won Solana global hackathons in the past