this post was submitted on 18 Aug 2023
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I thought the royalty payments were enforced by the contract?
Turns out that the smart contract is a post-it note stapled to the NFT and the marketplace can just ignore what the post-it note says because it's not legally binding.
What they can't do is trade with marketplaces that do enforce the contract. Originally it was enforced because if one marketplace stopped enforcing it the marketplace would be cut off from the Echo system but turns out that the 5 big marketplaces just need to agree to drop it and everything is fine.
Well that's just bad design, then.
Royalties were not part of the original design.