The NFT market only fell 6.15% this week, right. On one hand we see Ethereum making a new uptrend, soaring over 22% high, and on the other hand Polygon taking a downward plunge. Candidly, who gives a flip about the statistics when what matters most is the human experience. Namely, the South Asian artists whose livelihoods are currently in limbo as NFT marketplaces threaten to cut royalties.

Whose Voices Are Being Silenced?

Picture this—when you built that house, you lovingly crafted every brick! Nothing is worse than finding out you will not be compensated simply because someone appreciates your craftsmanship. That’s what eliminating NFT royalties is like for artists. Let’s be clear: NFT royalties are the lifeblood of many digital creators. They help make sure that artists keep getting paid for their work long after their first sale. In theory, it’s a system that democratizes art ownership and empowers creators.

Who is this "democracy" actually serving? For artists on the South Asian subcontinent, the stakes are disproportionately higher. They have systemic barriers to entry within traditional art markets. Limited access to galleries, lack of established networks, and even cultural bias can exclude them. The digital arena, where NFTs were supposed to democratize everything, was going to make it a level playing field. It made for a unique opportunity to connect directly with a global audience. No longer dependent on gatekeepers, artists were able to make a living from their work.

Think about the economic realities. For many South Asian artists, even more so for those who belong to historically marginalized communities, financial security is still a daily concern. NFT royalties are much more than just “additional revenue.” They are the backbone of our society by helping families thrive, paying for public education, and investing in creative endeavors. In turn, these royalties become a lifeline, a source of hope in the barren free enterprise deserts that too often make up our energy-producing states.

The Digital Divide's Cruel Twist

An aspiring artist from rural Bangladesh finally gets her hands on high-speed internet access and a good laptop. This unique chance follows closely behind their two successful NFT sales. They're creating stunning digital art inspired by their local culture, sharing it with the world, and earning enough to send their children to school. Now, picture that rug being yanked out from under them. How does that feel?

This is not only a matter of promoting art, it’s a matter of economic justice. It's about recognizing the unique challenges faced by artists in developing nations and ensuring they have a fair chance to thrive in the digital economy. And do we really want to create a Web3 world? Let’s not duplicate the same inequities seen in the conventional art ecosystem.

The current discussion around NFT royalties is not simply a technical discussion around how smart contracts should be implemented and blockchain governance. It's a moral one. And are we building the creator economy that really allows creators to flourish? Or worse, are we simply replicating the predatory tactics of the legacy system?

Ethical Crossroads: Whose Side Are You On?

For this reason, I found myself returning again and again to this conversation with Anya, a young Sri Lankan artist. As she shared with me, “NFTs provided me with a platform and voice that I didn’t have access to prior. For the first time, I felt like my art was valued, not just by my family but by the world. What will I do if royalties are gone.”

Anya's story isn't unique. It is a fitting tribute to the hopes and aspirations of thousands of artists, past and present, all over South Asia. We need to ask ourselves: Are we willing to sacrifice these dreams for the sake of short-term profits?

Marketplaces and platforms have a responsibility here. In other words, they can’t just go for the lowest upfront fees and gloss over the human cost. They must come for safe harbors and odious use to find better models that protect artists’ rights and provide fair compensation. Whether that’s through tiered royalty structures, community-managed governance or perhaps even an especially earmarked fund to subsidize artists hailing from developing countries.

It’s time for the future of NFTs to be much more than a race to the bottom. Supposedly, it’s the first step on the path to a more equitable, sustainable creator economy. Whatever the logic, I implore you to look at the ethical implications of these decisions. Join the movement to support artists and fight for fair streaming royalties! Join us and let’s fight for a Web3 that delivers on its decentralization and empowerment commitment. The future of South Asian artists’ voices— and those of so many others— rests on it.

The future of NFTs shouldn't be a race to the bottom. It should be a journey towards a more equitable and sustainable creator economy. I urge you to consider the ethical implications of these decisions. Support artists, advocate for fair royalties, and demand a Web3 that truly lives up to its promise of decentralization and empowerment. The voices of South Asian artists, and countless others, depend on it.