Introduction
Every year, missing out on various digital assets and earning opportunities costs artists billions. A staggering $4.1 billion was reported lost to exploitation in digital platforms by creators and artists in 2024 alone. This raises the question: how can artists ensure they’re receiving fair royalties for their work? Enter HIBT’s NFT royalty tracking, a revolutionary tool that bridges the gap between creativity and compensation.
The Need for Royalty Tracking in NFTs
In the vibrant world of NFTs, artists create distinct pieces of art that can be sold, resold, and traded in the digital marketplace. However, while these transactions can provide substantial revenue, many artists face significant hurdles in securing their rightful profits. Studies indicate that more than 80% of artists do not fully receive their intended earnings from resales. HIBT’s NFT royalty tracking addresses this critical issue by providing a mechanism to ensure artists get compensated each time their NFTs change hands.
How HIBT’s NFT Royalty Tracking Works
Not all blockchain platforms or marketplaces have adequate tracking of royalties. HIBT offers a reliable framework:
- Smart Contracts: By using blockchain-based smart contracts, HIBT can automate royalty payments directly to the artist’s wallet every time their NFT is sold. This provides transparency and accuracy.
- Real-time Tracking: Artists can see transactions and their earnings reflected in real-time, reducing discrepancies and disputes.
- Provisions for Future Sales: Artists define their royalty percentages based on the market value of their creations, allowing them to benefit long-term from successful resales.
Benefits of HIBT’s Royalty Solution for Artists
Using HIBT’s NFT royalty tracking, artists can experience several advantages, including:
- Increased Revenue: With a structured royalty system, artists can expect continuous earnings.
- Market Growth: Artists can reinvest in their craft, leading to further innovation and creativity.
- Market Accessibility: Artists from various regions, including Vietnam, with a rapid user growth rate in digital assets, can participate and benefit from the NFT ecosystem.
Understanding the Vietnamese Market
The Vietnamese cryptocurrency market has seen explosive growth in recent years, with an estimated growth rate of 220% year-over-year. This creates a unique opportunity for local artists to leverage tools like HIBT’s system to compete on a global scale. The growing interest in NFTs among Vietnam’s youth suggests a potential long-term investment in the digital economy.
Implementing HIBT’s Royalty Tracking
For creators looking to implement HIBT’s royalty tracking, joining the HIBT ecosystem is straightforward:
- Create Your NFT: Artists register on HIBT’s platform and mint their first NFT, setting up the desired royalty percentage.
- Engage with the Community: Active participation in digital marketplaces increases visibility and opportunities to sell.
- Monitor and Withdraw Earnings: Artists can track their earnings via HIBT’s platform, ensuring financial transparency.
Conclusion
The implementation of HIBT’s NFT royalty tracking signifies a massive leap for artists and creators in protecting their rights and securing their earnings. As we promote a more equitable digital art landscape, platforms that prioritize royalties for creators could be game-changing, especially for markets like Vietnam, which are dynamically evolving alongside the global digital economy. By utilizing these innovative technologies, artists can focus on their craft and ensure that they are rewarded fairly.
Learn more about the future of digital assets at btctokenio.
About the Author
Dr. Alex Nguyen, a blockchain technology expert, has authored over 15 papers discussing digital asset security and compliance. He has led several notable projects in auditing smart contracts within the blockchain ecosystem requiring high-security standards.
