Rapids Royalties…

Firstly what is an NFT?!

An NFT, otherwise known as a Non-Fungible Token, is a financial asset defined by its own characteristics and which is not interchangeable. An NFT can take various forms:

  • Collector Card
  • Image
  • Artwork
  • SMS
  • Tweet
  • Video game item
  • A 1$ Note is Fungible because it can be replaced by 100 coins of 1 cts
  • A Ton of Wheat is Fungible, because it can be sold in retail, and in different weights.
  • A Work of Art, is Non-Fungible because it is unique, and can never be replaced with an identical one
  • A Ticket is Non-Fungible, because it contains unique information (ticket number and identifier, your name, your seat, your reservation reference…)

How do NFT Royalties work?

Traditionally after the first sale, the creator does not have anyway to track the subsequent transactions of their work. Once they had sold that’s all their earning would be. Regardless of how their fame has increased over the years, they do not stand to gain anything from the work once they had sold.

How Royalties will look on the Rapids Blockchain; From the creation - minting - initial sale and secondary sales including any royalties that are set in the smart contract being paid to creator.
  • Bitcoin entered on the market in January 2009
  • The first NFT to be sold was ‘Quantum’ by Kevin McCoy in 2014
  • The term NFT appeared in 2017
  • Everydays: The First 5000 Days - Beeple → $69.3m
  • Clock — Pak & Julian Assange → $52.7m
  • Human One — Beeple → $28.99m
  • CryptoPunk #5822 → $23m
  • CryptoPunk #7523 → $11.75m

Conclusion

Do you have a creation and want to leave your mark, your name in history? Join Rapids and be among the first to take advantage of this new opportunity. Rapids is doing everything possible to help you take advantage of the best that Blockchain has to offer. NFTs can be anything from digital art to tickets and sports highlights videos, and they can be sold for thousands or millions of dollars. The Rapids blockchain will allow NFTs to integrate royalties, whereby payments are made direct to the creator, every time their work is being bought.

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