# Removing royalties from NFTs is like having a Big Mac with no patty

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2022-11-25
**URL:** https://paragraph.com/@durwin/removing-royalties-from-nfts-is-like-having-a-big-mac-with-no-patty

## Content

Is it still a burger if there isn’t a patty?Web3 painted a really nice story with the whole schtick on “take ownership” and “power to the people” and “participate, not just observe”. For artists, it made a lot of sense. Whereas previously they had to rely on third party publishers, arthouses and authoritarian social media giants to promote their work, they can now do so directly with their own audience. They can engage directly with their supporters and do a whole lot more with the new technology that web3 offers. Imagine this scenario. Da Vinci painted the Mona Lisa in 1503 and never profited a cent from it. Back in those days, till web3 came about, there was literally no easy way to track and monitor royalties.NFT Art is taking on imaginative forms these days.With all the fuss over NFTs recently, the concept of allowing the artists or owners of the NFTs to take royalties is particularly interesting. Smart contracts and blockchain tech has allowed anyone to control how much royalties they collect from each transactions and subsequent sale of the NFTs. The bigger the hype and marketing around the NFTs, the larger the community, the more popular it gets, the more demand it generates and hence the more transactions. Translation: more royalties for the artists. Imagine Da Vinci was able to set a small royalty fee on his paintings. Over the centuries, as his work passed on from generations to generations, his estate would be accruing all the juicy royalties.Should royalties be removed from NFTs altogether?Yes there are financial gains from this, but it is also about respecting ownership and honoring legacy. In some ways, it gives a deeper meaning and more financial motivation for the artists to do more work and put in more effort in producing high quality stuff. Might that be greedy? Perhaps, but consider now that struggling artists can now meaningfully devote their time and effort into producing their best work, without the constraints of resources and having to worry about putting food on the table. There is definitely a noble notion that we can all aspire for. Then come the greed. Which leads to rugpulls and scams. But that’s another story for another time. So when the new NFt marketplace X2Y2 decided to make royalties optional, the crypto world flipped the tables. “If this becomes the trend, I’m out of web3. Ignoring a creators royalties is not innovative, its regressive.”NFT trading and interests has plummeted in 2022.Why did they even consider removing the royalties? Well, its a competitive market out there and as the new boy in the block, X2Y2 wanted to differentiate and compete with the likes of Sudoswap, who are also royalty-free. Is it healthy in the long-run for the web3 ecosystem? Taking royalties away from NFTs will definitely kill the vibe and rain on the parade. Royalties motivates the creators to continue building the brand and pushing the limits. It is like a motivation tool intrinsically built-in into the system. Remove that, and the creators will no longer have a strong reason to persist in brand building and community development. - Should we remove royalties from NFTs? - #startups #business #startupx #growth #success #socialmedia #culture #sudoswap #x2y2 #strategy #eth #btc #crypto #opensea #markets #bearmarket #NFT #royalties #nftmarket

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