报告题目：Resale Royalty in NFT Marketplaces: Implications for Creators and Platforms
报告时间：2023年4月25日(周二) 20：00—22：00
报告地点：腾讯会议 ID: 170-562-152，翡翠科教楼B座1104
报告人： 尚广志（佛罗里达州立大学）
主办单位： 合肥工业大学经济学院
报告人简介：
尚广志，美国佛罗里达州立大学（Florida State University）商学院副教授、运营管理博士，现任《Journal of Operations Management》和《Decision Sciences》的部门主编。尚教授主要从事消费者退货管理和服务劳工问题的研究，取得了非常优异的学术成果，在国际顶级期刊（如MIS Quarterly, Journal of Operations Management, Production and Operations Management, Decision Sciences等）上发表10余篇高质量学术论文。
内容简介：
Non-fungible token (NFT) marketplaces facilitate users to mint and trade digital assets such as collectibles, trading cards, and digital artwork. Many NFT platforms accommodate resale royalty which pays back the creator a predetermined percentage of the proceeds from future resales of the digital asset. The adoption of resale royalty is seemingly beneficial for NFT creators as it generates a recurring source of income. However, this may have unintended consequences on the sales price and the liquidity of the underlying NFT, which, in turn, affect commission revenue for the platform. In this paper, we focus on understanding the antecedents as well as the consequences of resale royalty. Specifically, we investigate the impact of minting cost on royalty rate, as well as the impact of resale royalty on primary market sales price and liquidity. Our identification strategy leverages a policy change that eliminated upfront minting fees for creators in a prominent NFT marketplace. We find that NFT creators reduce royalty rate when they mint an NFT without incurring a minting cost. Furthermore, we observe that a higher royalty rate can lower primary market sales prices, decrease the sale likelihood, and increase the time to sale. These results suggest that resale royalty may not necessarily benefit NFT creators. Surprisingly, the presence of resale royalty impairs market liquidity, despite reduced sales prices. Our work provides immediate implications to creators and platforms when leveraging resale royalty in NFT marketplaces。