Get Royalties Ever Time An Artwork Is Resold Just Like Musicians Do.
Copyright in the UK lasts 70 years from the date the artist dies. This means about two generations will benefit from the creations of their ancestor at least when it comes to publishing and reproduction.
The sale of the original artwork holds no such benefits after an artist sells an artwork they will never again benefit from its exchange. The reasons for this are more practical than anything else, how would an artist even know if the person they sold their artwork to then sells onto another buyer?
There was no way to know at least not until recently, blockchain has the power to change these non-fungible tokens such as those created with the newer ERC standards, which can create irrefutable instant transactions for valuable assets on the blockchain. All secondary market exchanges can then be made to automatically pay royalties back to the creator of the artwork.
Blockchain can also track all these transactions without any need to know the details of who the people are that make the exchanges.
The dream of Satoshi Nakamoto, the creator of bitcoin, was to remove the need to depend on trust and third parties in payments online. We want to take this idea which the crypto community was built on and apply it to art. The royalties paid back from onward art exchanges via our smart contract will always send royalties back to the creator of the artwork, not just for 70 years after they pass away but every time the artwork is exchanged benefiting the artist’s descendants or beneficiary until they give up or sell the rights to the royalties.