Anne Rose, co-leader of Mishcon de Reya’s blockchain group, was interviewed for an article in Fortune discussing NFT trading platform OpenSea’s announcement that it will phase out mandatory royalty fees for creators of NFTs.
Anne warned of the risks digital artists can face when relying on smart contract codes which are attached to the digital artwork and are supposed to ensure artists receive royalty payments on subsequent resales. As Anne explained, “The thing about smart contracts is that they’re neither smart nor contracts. You still have to rely on platforms to enforce them.”
Read more (subscription required).