Royalties have helped fuel the growth of the non-fungible token (NFT) economy, said Yat Siu, co-founder of computer gaming firm Animoca Brands.

“All of these innovations happen because of the fact that royalties were possible,” Siu told CoinDesk TV’s “First Mover” on Friday.

The Hong Kong-based firm has taken a firm stance in support of digital creators via its NFT licenses, which Siu said were issued as a way for creators to have a “legal way of protecting their royalty rights.” Siu recently emphasized the company’s position during the annual NFT Paris conference, underscoring the importance of creator rights and royalties within Web3.

Despite a bear market sweeping much of 2022, the NFT industry amassed more than $24 billion worth of sales.