Guy A. Rub

  • View at the standing-room-only crowd at the auction of Robert C. Scull’s collection on October 18, 1973, at Sotheby Parke-Bernet in New York. Photo: Fred W. McDarrah/Getty Images.
    slant April 05, 2021

    Royalty Check

    THE CONFOUNDING PRICES realized by cyptoart sales recently have overshadowed another extraordinary aspect of these transactions. Many NFT “smart contracts” include an embedded resale royalty—often 10 percent—that flows back to the artist every time the work is resold. Better yet for the creators, when used, this NFT technology distributes those royalties automatically upon any change of ownership registered on the blockchain (without the need for lawyers and letters). Beeple himself, maker of this year’s Everydays: The First 5000 Days, has benefited from this income stream. When an earlier work,