3.4. The Laissez-Faire Protocol
Web3 technologies have allowed for civil liberties to a level that is previously unseen. For the first time ever, with the blockchain serving as the “trustless” layer to conduct trade, people can now truly own their money — no centralized intermediary in between. Coupled with the open-source culture of the web3 community, it has ushered in an era of innovation at an unprecedented rate — a pace that only the early years of the Internet can match.
We are firmly aligned with these ethos: the rise of the sovereign individual. Being a web3-native product, Reitio is built merely as a front-end to facilitate interactions — any asset on the platform is ultimately owned by its end-users, and transactions are done completely in a peer-to-peer manner (unless the Reitio account is authenticated via a fiat on-ramp intermediary).
For 3D artists on Reitio, all uploaded asset packs and templates will be represented in form of NFTs. The pay-per-use royalty rate (and beneficiaries) for each NFT will be strictly determined by the issuing Reitio account — only the party holding the private key to its bounded wallet is able to alter the royalty terms, as well as the ability to list and delist the NFT from Reitio (since this is also accomplished via on-chain smart contracts).
For users, Reitio-generated 3D assets will be automatically exported locally or minted as NFTs upon successful execution of smart contracts to pay platform fees and disburse royalty payments to template creators. As such, we are not able to freeze or block royalty payments nor deny the local export or NFT mint of an already paid-for asset, since the whole process would be an ‘atomic’ operation.
Owing to the fact that NFTs fundamentally live on the blockchain no matter on which front-end they are minted on, there exist no restrictions whatsoever for the owner to transfer the NFT to another party, or list it on any NFT marketplace outside of the Reitio front-end client.
For artists with a high time preference looking for instant liquidity over collecting perpetual royalty streams, the ability to sell off their NFTs to speculators on an NFT marketplace could prove to be a crucial consideration for them to onboard into Reitio. Like artists, users could also sell off their Reitio-generated 3D asset on NFT marketplaces — depending on a particular user’s ingenuity in fusing templates with one another, the resulting asset might even fetch a higher price over the combined capital and time cost to create it on Reitio in the first place!
At the end of the day, we are a strong advocate of a laissez-faire, non-interventionist approach on doing things. This guiding principle bodes well for Reitio's planned transition towards decentralized governance once it sufficiently matures (more on section 4.4.).
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