Decreasing Creators Royalty May ‘Curtail’ the Prospects of Web3:Yat Siu
- Akansha Gupta
- February 27, 2023
- Web3, News
- 0 Comments
Yat Siu, a renowned businessman and fierce advocate for digital asset creators has highlighted the need to protect creator royalties amidst the growing competition for NFTs. Despite OpenSea and Blur’s attempts to drive Web3 adoption by reducing creators’ royalty, Siu underlines that this move could be detrimental in the long run and calls into question the overall ethics of Web3.
Drawing from his extensive experience on the subject matter, Siu stresses that prioritizing creators is essential if we are to continue fostering an innovative, equitable web economy. He emphasizes that such practices must not only be preserved but championed, as ignoring them could have serious implications for the evolution of digital assets and their ability to disrupt existing markets.
He asserted that it is simply a ploy to seize more market share by this way as it will badly hurt creators who are due their rightful recompense. Yat continued, stating the reasons why this transformation in policy is unjustifiable.
What Reasons are Asserted by Siu?
Siu’s statement paints a vivid picture of the importance of culture in fuelling the creator’s economies. Without such economic support, creators are unable to sustain themselves, thus threatening the overall industry.
He additionally underscored the significance of a culture-based economy, noting that without it streaming platforms like Netflix and HBO, as well as gaming consoles developed by tech giants, would be unable to exist – culture being the unique bond connecting people with technologies.
Siu, an experienced voice in the world of Web3 technology, has asserted that digital item platforms must begin to list items that reveal something about their buyers. By doing so, Siu believes we can increase our usage and application of Web3, a modern technological advancement.