主题：NFT Market Design: Resale Royalty, Decentralization, and Interoperability
NFT 市场设计：转售版税、去中心化与互操作性
时间：2025年12月5日 上午10点
地点：管理科研楼第四教室
主讲人：Jingchen Liu, Renmin University of China
Bio: 刘靓晨，中国人民大学商学院管理科学与工程系助理教授，北京大学光华管理学院管理学博士，主要研究方向为区块链与供应链管理、零工经济、运营管理和营销、收益管理与定价、策略型消费者行为，在Management Science、Manufacturing & Service Operations Management、Production and Operations Management、European Journal of Operational Research、Omega、International Journal of Production Economics等期刊发表论文十余篇，主持国家自然科学基金青年项目1项、面上项目1项、教育部人文社会科学研究青年基金项目1项，参与国家自然科学基金重点项目和面上项目共4项。
Abstract:
The Non-Fungible Token (NFT) market is fast-growing, but increasing competition among platforms poses significant challenges in choosing the optimal operational strategies and finding the right ways to collaborate. This paper provides a theoretical investigation into NFT market design by focusing on two key platform policies: (1) royalty payments the original NFT creators receive when a resale transaction occurs, and (2) NFT interoperability, i.e., whether resale is allowed on a different platform than where the NFT was originally minted. We show that when platforms maintain centralized control over royalty policies and do not permit interoperability, the NFT equilibrium can take one of three forms depending on the degree of market speculation: ``free royalty", where creators earn exclusively from the primary price; ``free airdrop", where creators earn exclusively from the resale royalty; and ``intermediate royalty", where creators earn from both sources. However, the equilibrium shifts when interoperability is permitted (always to free royalty) or when royalty decisions are decentralized to individual creators (always to free airdrop). Comparing the NFT equilibria under different policies, we find that under centralized royalty policies, NFT interoperability can create a win-win outcome by improving both platform profits and social welfare. In contrast, under decentralized royalty policies, NFT interoperability consistently results in a lose-lose outcome. These findings suggest that platforms should only collaborate on NFT interoperability if they maintain decision-making authority over royalty policies. In this case, we further identify that the win-win outcome is most likely to occur when market speculation is at moderately low levels.