A 10 percent royalty is paid to artist when their work is sold on NFT platforms like OpenSea.io.
After being videotaped landing at Miami International Airport on Monday, Kanye West expressed his displeasure with the paparazzi, as shown in a video uploaded by ET Canada. Kanye is overheard telling the cameraman:
“It’s just really one-sided. You guys can follow us, you guys to stand from the hotel at any given time. You don’t give us any percentage of what you make off us, off our kids. And I’m going to change that.”
“without candid photography, there wouldn’t be a [documented] history of celebrities.” the cameraman claimed. However, it was evident that Kanye’s primary concern was the right to royalties from paparazzi images, rather than concerns about privacy invasion.
“You know, NFT [non-fungible tokens] people get paid in perpetuity on the product that they put out. So my image is a part of something that I should get paid for. We all got to make money together,” Kanye West stated.
How does it work?
Creators may establish royalties of up to 10% on NFT platforms like OpenSea.io, and get revenues every time a work of art is sold through the network. The viability of co-profit sharing on celebrity images, on the other hand, is still up in the air.
For starters, major NFT platforms often do not enforce one another’s royalty arrangements, meaning that authors would not earn any cash if their OpenSea NFT was sold on a separate platform, only for the sake of argument. Furthermore, only off-chain agreements may settle the question of copyright to the original work.
