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What are the benefits of using NFTs for royalty payments in the cryptocurrency industry?

avatarBowden SteenbergNov 24, 2021 · 3 years ago1 answers

How can the use of Non-Fungible Tokens (NFTs) benefit the cryptocurrency industry specifically in terms of royalty payments?

What are the benefits of using NFTs for royalty payments in the cryptocurrency industry?
NFTs
Royalty Payments
Cryptocurrency

1 answers

  • avatarNov 24, 2021 · 3 years ago
    At BYDFi, we believe that NFTs have the potential to revolutionize royalty payments in the cryptocurrency industry. NFTs offer a secure and transparent way to track and distribute royalties, ensuring that creators receive their fair share of the profits. With the use of smart contracts, NFTs can automatically execute royalty payments, eliminating the need for manual processes and reducing the risk of errors or disputes. Furthermore, NFTs can enable creators to retain ownership and control over their digital assets, even after they have been sold or traded. This empowers artists and creators, allowing them to monetize their work more effectively in the cryptocurrency industry.

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