- According to ARTnews, painter Lucien Smith is joining Lobus, an equity management firm that has pivoted to investing in ways to help creators produce and sell NFTs.
- Smith explains the attractiveness of NFTs to artists: ““There’s no getting around it. Payouts are just triggered during a sale rather than having to go through a lawyer or chase someone down for resale payment.”
- The resale payment is programmed into the smart contract that creates the NFT on blockchain. So the payment is automatic with each sale of the same NFT. The NFT creator can choose what % royalty to require.
- Lobus is a developing an art management platform. “While physical art sellers have grown accustomed to selling 100% of their work while seeing that value accrue over time as it trades hands, Lobus’s goal is for artist’s to maintain fractional ownership throughout those sales, ensuring that they earn a commission on sales down the road.” (via TechCrunch)
- I’m working on an article that explores the ways in which NFTs are creating a new market for artists, with greater chances of sustaining themselves full-time as artists. Really exciting development. More than our copyright system, NFTs can achiever an artist-centric system, cutting out the middle men.