The Journal of the Convergence on Culture Technology (문화기술의 융합)

The International Promotion Agency of Culture Technology (국제문화기술진흥원)
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Impact Analysis of Abolition of Royalty on Non-fungible Tokens Market

로열티 폐지가 대체 불가능 토큰 시장에 미치는 영향분석

  • 이은미 (삼육대학교 아트앤디자인학과)
  • Received : 2023.10.01
  • Accepted : 2023.11.05
  • Published : 2023.11.30
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Abstract

Royalty contributed to the development of the non-fungible token (NFT) ecosystem as a reward system that pays a portion of the sales to the creator whenever transactions occur. This study quantitatively analyzes the impact of the abolition of royalties, which is being expanded by some NFT marketplaces, on the NFT market, and qualitatively analyzes the results of the impact. The analysis results are as follows. First, the number of NFT mints is decreasing by causing creators to leave the NFT market and reducing new entry. Second, major NFT projects have refused to trade with marketplaces that have abolished royalties, leading to a decrease in the number of transactions. Third, the abolition of royalties has undermined the motivation of NFT creators to continue to develop their projects, leading to a drop in NFT floor prices. This study is expected to contribute to reducing the current negative impact in the short term by suggesting how the NFT community provides incentives to owners who voluntarily pay royalties independently of the policy of the NFT marketplace. In addition, it suggests that in the long run, fundamental solutions to the problem of abolishing royalties require improvements in technology related to royalty payments, cooperation between NFT marketplaces and NFT creators, and institutional support related to royalties.

로열티는 대체 불가능 토큰(non-fungible tokens, NFT)이 거래가 일어날 때마다 판매 금액의 일부를 창작자에게 지급하는 보상 시스템으로써 NFT 생태계 발전에 기여하였다. 본 연구는 일부 NFT 마켓플레이스가 시작하여 확대되고 있는 로열티 폐지가 NFT 시장에 미치는 영향을 정량적으로 분석하고, 그 영향의 결과를 정성적으로 분석한다. 분석 결과는 다음과 같다. 첫째, 창작자의 NFT 시장 이탈을 야기하고, 신규 진입을 줄임으로써 NFT 발행량이 감소하고 있다. 둘째, 주요 NFT 프로젝트들이 로열티를 폐지한 마켓플레이스와의 거래를 거부함으로써 거래 횟수 감소로 이어지고 있다. 셋째, 로열티 폐지로 인해 NFT 창작자들이 프로젝트를 지속 발전시키고자 하는 동기가 저하되었고, 이는 NFT 최저 가격 하락으로 이어지고 있다. 본 연구는 NFT 마켓플레이스의 정책과는 독립적으로 로열티를 자진해서 지급하는 소유자들에게 NFT 커뮤니티가 우대책을 제공하는 방법을 제안하여 현재의 부정적인 영향을 단기적으로 줄이는데 기여할 것으로 기대된다. 또한, 장기적으로는 로열티 지급 문제에 대한 근본적인 해결을 위해 로열티 지급과 관련된 기술의 개선, NFT 마켓플레이스와 NFT 창작자들의 협력과 로열티 관련 제도적 지원이 필요함을 제시한다.

Keywords

Acknowledgement

이 논문은 2023년도 삼육대학교 학술연구비 지원에 의하여 수행된 연구임.

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