Commission transparency can be guaranteed with NFT transactions through the use of smart contracts. Smart contracts are self-executing contracts that are programmed to automatically execute the terms of an agreement when certain conditions are met. In the context of NFT transactions, smart contracts can be used to specify the commissions that will be paid to the relevant parties, such as the artists or creators, the platforms or marketplaces, and any intermediaries or service providers.
These smart contracts can be visible on the blockchain, providing transparency and immutability to the commission structure. Once a smart contract is deployed, its terms cannot be changed, ensuring that all parties involved in the transaction are aware of the commission terms. This creates a level of trust and transparency between all parties and helps to eliminate any potential disputes that might arise over commission fees.
Overall, NFT transactions offer a high level of transparency and security through the use of smart contracts, which helps to ensure that all parties involved in the transaction are fairly compensated for their contributions.
