As the dynamic nature of NFT art and income generation continues to evolve, Vitruveo introduces a new way to reap ongoing revenue from NFT art — without selling, or minting new tokens.
Vitruveo, the layer-1 creator-centric blockchain, today announces the launch of License Tokenization for content-creators on its platform, enabling artists to reap recurring income from their work without selling their NFTs outright, and without minting replicas of the original artwork. Unlike conventional Web3 scenarios where creators are confined to a single revenue stream from NFT sales, License Tokenization introduces new and versatile forms of income for creators that vastly broadens the scope of the NFT art economy.
License Tokenization brings Web3 NFT art in line with the software industry, where creators can license the same asset for various use-cases, allowing creators to produce a single product and sell it in unlimited quantities for minimal cost. While the scarcity of the art is preserved through NFT editions, the scalability and income potential are greatly expanded with License Tokenization, heralding what Vitruveo dubs as ‘NFT 2.0’.
NFT royalties have until now proved to be a sticking point for major players in the NFT space. NFT platforms such as OpenSea, Rarible and others have taken vastly different approaches to the question of NFT royalties, with some opting to enforce secondary sales royalties, while others have left it up to the creators. This disconnect between different platforms has resulted in a splintered NFT space, making it difficult for creators to reliably predict the income from their work.