Royalti.io

royaltiio

Startups of The Year 2023 Winners: North America 

Building an Ethical Text-to-Image AI-Art Site That Pays Royalties to Original Creators

NFT Royalties were more like the frosting on the cake for creators, a way to get additional benefits even after selling their NFTs. However, the narrative for these extra toppings has changed over the years. There has been some debate on whether NFT royalty should still be given to creators, and OpenSea was one major marketplace that stood firmly with the former rather than the latter. Many marketplaces have moved on to a "no-royalty fee" model, leaving OpenSea the only contender for this resort. However, this changed on the when the marketplace announced removing the mandatory royalty fee payment. 17th of February Seeing that royalty fees are one of the unbeatable value propositions of NFTs, the question of what next rings constantly in the hearts of creators and artists. A Little Recap About Nft Royalties In case you're new to this term, are subsequent payouts that creators get each time their NFT sees a secondary sale. NFT royalties The percentage, often set by the creators, mostly ranges from 5-10%. The fees are programmed so that creators automatically get the set percentage once a secondary sale is made. The royalty fee model works for nearly all digital assets, including gaming accessories, art, music, physical accessories, and anything sold as a non-fungible token. They offer artists and creators an opportunity to maximize their position as the initial owner of the item. This model has been a significant value proposition in the NFT space and a reward system that attracted digital artists and creators to the bandwagon. While the mandatory fee has taken effect in past times, the narrative gradually shifted over the years. Some major marketplaces like X2Y2, SudoSwap, and LooksRare parted with this months back, leaving creators with no royalty or minimized royalty payment options. Last week, OpenSea took a similar step in this direction. One of the first NFT marketplaces to put a cap on the mandatory royalty fee payment was X2Y2, and this happened in . Following X2Y2, SudoSwap was another major platform that experimented with Royalty fee payment by collectors. February 2022 Rather than making it non-mandatory, the platform restricted the amount to a maximum of 0.5%. While many people argued about this system exploiting artists, others pointed out that market conditions are more likely to favor marketplaces that keep these fees low. Therefore, making them more attractive to buyers and collectors. LooksRare also made its move in , bowing out of mandating royalty fee payments to creators. October 2022 Opensea Halts Mandatory Royalty Fee Payments Word on the street is that to remain competitive. While OpenSea remains the world's largest marketplace for NFTs, we've seen activities on other platforms signifying it could lose this position soon. OpenSea decided to cut mandatory royalty fees There are speculations about this being the primary reason the network made this big change, and one could most certainly agree since it holds some ground. For context, the Blur NFT marketplace is a rising competitor to OpenSea and has risen to be a top platform to trade NFTs. Two major factors making it more of a competitor are the absence of a marketplace and mandatory royalty fees. In addition, Blur has seen a lot of activities lately, particularly from its recent and the profit potential it presents to investors. The new NFT platform quickly became the most used, capturing about in February. $BLUR token airdrops 30% of the market share When you look at this from OpenSea's perspective, it's easy to see the reasons for the recent announcements to cut royalty fees. Most collectors prefer not to pay these fees, and marketplaces need collectors to boost market shares. So, it became one of two options. To protect market shares or drop royalty for creators. With OpenSea's recent decision to eradicate royalty fees, creators are the only parties at an obvious disadvantage. The Way Forward With Zero Royalties It has been established countless times that royalty fees cannot be mandated on buyers. Therefore, the only party with the power to enforce this are marketplaces. With marketplaces' unwillingness to carry on with this, what happens to creators? Forsaking royalty fees is a huge game changer for the NFT ecosystem mainly because it guarantees that artists and creators are rewarded for their work. The absence of this throws the entire NFT essence off. Additionally, the decision by OpenSea goes beyond a mere change in company policies; it eats deep because OpenSea is the biggest NFT marketplace on the block(chain). It will significantly impact the ecosystem as a whole. With NFT royalties out of the equation, creators have little to gain from the system, and fundamental questions about the essence of NFTs might begin to make rounds in the marketplace. Community reactions so far have been negative; many see this as a trend that could negatively impact the NFT community. On the other hand, creators might need to explore different forms of incentives and money generated from the royalty model. Possible monetization alternatives include exploring exclusive content for their NFTs, partnerships and promotions, membership programs, subscriptions, etc. With OpenSea's decisions to cut royalties, there will likely be a paradigm shift in the ecosystem. Creators might have to kiss the mandatory royalty fee payments goodbye and find a way to work with the new model. The ecosystem is ever-evolving. Collectors, creators, and marketplaces might go around in circles a few times before arriving at their north.

NFT Royalties Take a Halt - What's Next for Creators?

Dear Hackers, Huge numbers of artists have arrived in the cryptoeconomy over the past few years. A major pull for these creators? The ability to earn royalties from secondary sales of their works. However, in the current paradigm, NFT royalties are ultimately . opt-in NFT marketplaces have traditionally honored these royalties via off-chain infra, but many marketplaces have recently moved to make these payments explicitly optional or cut out altogether. OpenSea is the latest project to be its options here, and that deliberating has many wondering what comes next. exploring In my opinion, one thing we’re definitely about to see is an explosion of new NFT marketplaces. Allow me to explain for today’s Metaversal! -WMP Thinking About the Future of NFT Royalties First, the Basics of NFT Royalties Let’s say Alice mints an NFT and sells it to Bob for 1Ξ. Later, Bob resells that NFT to Charlie for 5Ξ in a secondary sale transaction on OpenSea. Because Alice set her royalties to 10% on OpenSea, she receives 0.5Ξ from the exchange. However, historically OpenSea has tracked and paid out these royalties using its own off-chain system. If Alice hadn’t set her royalty parameters and OpenSea didn’t use this system, she wouldn’t have automatically earned 0.5Ξ. It’d be up to Bob to manually send that payment, and in most cases, that volunteering just wouldn’t happen. Why are things like this? Because there currently isn’t a great way to enforce NFT royalties at the smart contract level. You cake a royalty fee directly into an NFT’s transferFrom() function, but that would make it so the sender always has to pay a fee regardless of the transaction. This approach is bad if you’re just sending an NFT to another one of your wallets or gifting it, for example. could As such, in recent years NFT marketplaces have used siloed off-chain systems to enforce royalties. OpenSea has its own tech, other markets have their respective infra, and these systems don’t “talk” to each other because there’s no standard. This has led to cases of NFT royalties not being honored when NFTs minted on one platform are sold on another. Some innovative efforts, like , have been created to help NFT marketplaces get onto the same royalty standard, but this system is ultimately opt-in and hasn’t garnered widespread adoption yet. The Royalty Registry on-chain All that said, in recent months we’ve seen more and more NFT marketplaces cutting out NFT royalties or making them optional, like and . Now it looks like OpenSea could be the latest domino to drop here … . Blur, LooksRare, X2Y2, sudoswap maybe What’s New OpenSea recently announced that it had created a new that can “restricts NFT sales to marketplaces that enforce creator fees.” on-chain royalty enforcement tool Moreover, the company said it would take until , to decide its final stance on royalties, with one possibility being a move to optional royalties altogether: December 8th, 2022 “ .” We recognize this is a first step, so we’re committed to engaging with our communities about solutions for existing collections. In deference to how difficult it is to enforce fees on chain for existing collections, we won’t make any changes for existing collections through at least December 8, 2022. To be transparent, the consideration set for what happens after December 8 is wide open – and we’re considering options ranging from continuing to enforce off-chain fees for some subsets of collections, to allowing optional creator fees, to collaborating on other on-chain enforcement options for creators. We recognize not all creators, collections, and communities are the same and we are looking to create a long-term policy that reflects that Understandably, this declaration has generated a ton of community debate and discussion. * . Update 11/10/2022: OpenSea has it will maintain royalties for all collections confirmed Some, like the Bored Ape Yacht Club team, have argued that whiffing on royalties would be backsliding against the very creators who have made OpenSea great. https://twitter.com/GordonGoner/status/1589993277151150082?s=20&t=FC3cymGAX_8ClwyTeB998g?embedable=true Others have noted that the OpenSea on-chain royalty blocklist is a “no-brainer” for NFT projects once you start drilling down into recent royalty statistics. https://twitter.com/therealjfrantz/status/1589375169730326530?s=20&t=BS3f6jJbZSRpA3pAynR-HQ?embedable=true Whatever OpenSea ends up deciding next month, it’s clear that NFT marketplaces will need decisive royalty stances so creators can readily decide where’s best for them. all For example, Nifty Gateway just declared it will always honor NFT royalties and unveiled its own proposal for a creator royalty standard. Look for other marketplaces to similarly break one way or the other on the issue going forward. https://twitter.com/niftygateway/status/1589671138304864257?s=20&t=MVLg1BADmiAV3c4MGoSemg?embedable=true Toward Many Bespoke NFT Marketplaces https://twitter.com/andy8052/status/1589356446075957249?s=20&t=aAihWjpv9CTXG_1TCnBjtg?embedable=true Different types of NFTs trade in different ways. For example, a 10k profile picture project like BAYC is highly liquid and has a high volume. A cryptoart 1/1 piece, say an early XCOPY NFT, is illiquid and has low volume. These differences lead to unique dynamics, like 10k collections becoming popular on optional royalty platforms, e.g. Blur, and 1/1s remaining dominant on royalty-friendly platforms like Nifty Gateway and SuperRare. However, what about those middle-ground projects like Art Blocks releases, XCOPY’s Grifters, or Finiliar where the artistry is absolutely central but the NFTs trade like liquid collections rather than 1/1s? Should these creators forfeit their royalties just because their works trade on optional or no royalty platforms, unlike 1/1s? I say no, get that revenue. And I say the same for artists in general when it comes to NFT royalties. But how, what’s really the best way forward here for creators big or small? In my opinion, the answer is the proliferation of . custom creator-owned NFT marketplaces https://twitter.com/zerobeta/status/1589338266381463552?s=20&t=ES2Rnu0syfvpXAu56Sflbw?embedable=true In other words, in the future, every artist and project may have their own bespoke marketplace that is custom-tailored for their respective NFT needs, including royalty needs. Whether the underlying infra is based on sudoswap, Reservoir, Zora, or beyond, these creator-owned marketplaces — which can be managed by individuals artist DAOs — can offer incentives, e.g., NFT airdrops, to consolidate trading activity and better guarantee ongoing royalty payments. or The idea? To make your marketplace the premier destination for your work so your fans want to come there and trade when they have to or want to. And as innovation around NFTs continues to bloom, look for these DIY royalty-friendly marketplaces to become easier and easier to create. https://twitter.com/ samspike /status/1589352996869009408?s=20&t=uEYemHaxA-vH1FP7-YjOUA?embedable=true Why it Matters The research arm of Galaxy recently estimated that nearly have been paid out on Ethereum to date. $2 billion worth of NFT royalties In my mind, that figure is one of the greatest achievements of the young cryptoeconomy because it’s made for real life-changing revenues for many creators, and it reminded us that we can live in a world where creativity is very valuable. In a certain sense, NFT royalty discussions are only just beginning, but I know many will continue to fight to help creators grow their royalties, and I think could be a powerful answer here. We’ll see! many artist-owned marketplaces Author Bio is a professional writer and creator of —a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond! William M. Peaster Metaversal

What Does the Future Look Like For NFT Royalties?

Recently, a number of NFT marketplaces have expressed their views on royalties. At first, X2Y2 took a bold stance, proposing customized royalties (supporting zero royalty), Blur then supported incentive royalties, and OpenSea proposed a mandatory royalty contract. As a "consensus" feature that isn't forced into smart contracts but relies on centralized market rules, it has generated a lot of controversy amid the current bear market. Current Problems with NFT Royalties In addition to gas fees, there have always been two additional fees for buying and selling an NFT on major NFT marketplaces: transaction fees and royalties, both of which are paid by sellers. NFT trading platforms charge transaction fees, while NFT creators charge royalties. In an NFT trading scenario, royalties have been used as a way to incentivize creators over the long term. The incentive of royalties can effectively avoid the problem of creators not being able to obtain subsequent income after the appreciation of their work through resales in the secondary market. However, with the increase of NFT projects, the transaction amount and volume have grown larger, and the original, modest royalties of a few per cent, have become a barrier to "resale transactions" between buyers and sellers. In addition to the higher transaction costs caused by the existence of royalties, there are also several problems with the existence of royalties from a business logic perspective. Firstly, mismatch of incentives. The NFT project team is to gain revenue based on volatility and the trade volume of its holders, but they gain nothing from their true believers (People who would purchase their NFTs and hold them). This may encourage the proliferation of low-quality, free-casting, but pump-and-dump collections, which is the complete opposite of the original intention of NFT issuance and is not conducive to the long-term development of the market. Secondly, not all NFTs should be paid royalties; NFT projects suspected of "Rug Pulls" should theoretically be put on restrictions on royalties. Good Practices and Future Trends OpenSea's innovation in royalty contracts should be supported. In the short term, arbitrary changes in royalties by NFT platforms can cause a periodical impact on artists. For project parties and artists who are not ready to take on new challenges, using contracts made by OpenSea can guarantee their income to a certain extent. There is more than one way to cut down royalties. Traders will definitely try more measures to reduce royalties. To some extent, the trader and the creator have conflicts of interest, so in addition to the royalty, the creator should actively make other attempts at monetization. 2.1 For NFT projects, it's all about fairness. When collectors make money, creators should also make money. • Reserve 10% of NFT in the Treasury when issuing it. When the NFT price rises to a certain extent, it can be sold for cash in the market. • Retain the brand IP rights of NFT and actively participate in the market operation and commercial realization. 2.2 For NFT platforms, refined operations are necessary. • First, for the development of PFP projects, the royalty reform may move from partial reliance on royalties to no reliance on royalties to achieve a "soft landing". • Second, for artistic projects, paying royalties for the NFT to support artists' creations is reasonable. • Third, for a tool type NFT, which is essentially consumer goods rather than collectibles, the volume of its royalty is small. It will be gradually replaced by subscription fees or buyout fees, which will change the business model. The current NFT royalty reform may be the watershed of the NFT business model evolving to a better state. The future development has the following trends: The business model will be more abundant, and quality supply will increase. NFT integrated royalty contract will be launched. Some NFT projects with mandatory royalties will adopt new contracts. Zero-royalty projects will form the long-tail market of the NFT industry. 3. . Possible directions to try in the future Beyond all the disputes around NFT royalties, we believe the methods below are worth a try. Experiments on incentive royalty, say, the percentage of royalties decreases over the time one holds an NFT. Or the higher the base price, the lower the royalty. Besides creators, the best thing a platform could do is to get people to pay royalties like Blur’s incentive or any other form of incentive. About Oases Oases represent the Metaverse, the new oasis of humanity. It also indicates that NFTs, starting as niche collectibles, rejuvenate the art market. Oases, as its name implies, is an open, innovative, and vibrant community. We are committed to providing trendy, engaging, and distinctive products and functions to meet the demands of our users.

Disputes and Solutions over NFT Royalties

Hi Hackers, LooksRare no longer supports by default. NFT creator royalties The move comes as a bid to keep up with other exchanges, like X2Y2 and sudoswap, that have already moved to opt-in royalties. This race to the bottom is one symptom of how NFT marketplaces are starting to feel the pressure from market saturation via increased competition. Indeed, speaking of X2Y2, this week the exchange blocked new NFT aggregator Blur from using its API in what boiled down to competitive shielding. Blur sidestepped the block by using the API of Gem, another NFT marketplace aggregator owned by OpenSea, to pull in X2Y2 trades. All that said, is competing with OpenSea, including DeFi giant Uniswap, which acquired its own NFT aggregator in Genie earlier this year to enter and get competitive in this sector. everyone Long story short? The NFT marketplace wars have heated up considerably this year, and right now there’s no slowing down in sight. Look for more struggles for positioning accordingly! In the meantime, thanks for reading everyone. Time to get you caught up on the other big headlines from this week ✌️ -WMP 📣 General NFT News temporarily stalled due to issues with , though the issue is . Lens Protocol Polygon gas limits + relaying now resolved became the latest NFT marketplace to . LooksRare no longer support creator royalties by default , a social media network built on Lens, added . ORB mobile notifications launched an in collaboration with Layer3. Quix NFT Bridging Quest is testing out NFT Tweet Tiles: Twitter indicates that 5 of the top 10 most profitable protocols over the last year have been NFT projects . TokenTerminal OpenSea, Ethereum Name Service, Decentral Games, and Foundation , an NFT marketplace, blocked NFT aggregator Blur from . X2Y2 directly accessing its API 🏆 Digital Collectibles resold for . Genesis Mooncat #1103 35Ξ endured a exploit during its RIMOWA Cabin Luggage mint event: RTFKT loopable transaction 🎨 Cryptoart launched its . Art Blocks new and improved website unveiled PLASTICS, a series created using the new Drops tool by Foundation: Jimmy Edgar , a cryptoart OG, saw his series hit a new ATH of 18Ξ: Matt Kane Gazers , the most popular NFT marketplace on Tezos, added , a popular generative art platform. objkt support for collections from fx(hash) 🎮 Decentralized Gaming rolled out a patch that introduced various bugfixes and seasonal Axieween UI updates: Axie Infinity announced 10k in $GHOST prizes for its festivities. Aavegotchi Gotchiverse Halloween Contest as a sector has fielded over the last year. web3 gaming $6.9B worth of investments 💽 Music NFTs announced its . Catalog second cycle of curators , a platform for free digital collectibles, introduced . Showtime Music Drops unveiled the Sound Market: sound.xyz 🌐 Virtual Worlds is hosting a 5-day event in Decentraland. DAPPCRAFT Halloween Treasure Hunt 💎 DeFi x NFTs rolled out , a straightforward protocol for borrowing and lending NFTs. DeFiLlama llamalend Action steps 💌 Read in (newsletter) Crypto privacy is humanitarian Bankless ⚽ Watch on (YouTube) Scaling Sorare’s NFT platform Bankless 🌱 Watch talk investable impact on (YouTube) Li Jin and Matthew Frehlich Green Pill 🙇 Catch up on my other from this week: Metaversal posts ✧ Optimistic on OPCraft ✧ NFT game design is hard ✧ 5 tips to maintain your crypto privacy Originally published here

LooksRare No Longer Supports NFT Creator Royalties by Default

LooksRare ya no es compatible con las regalías de creadores de NFT de forma predeterminada

LooksRare ne prend plus en charge les redevances des créateurs NFT par défaut

लुक्स रेयर अब डिफ़ॉल्ट रूप से एनएफटी क्रिएटर रॉयल्टी का समर्थन नहीं करता है

LooksRare はデフォルトで NFT クリエイターのロイヤルティをサポートしなくなりました

LooksRare não suporta mais royalties de criadores de NFT por padrão

LookRare Không còn hỗ trợ Tiền bản quyền dành cho người sáng tạo NFT theo mặc định

LooksRare 默认不再支持 NFT 创作者版税

You may have known that NFTs are digital assets such as songs, pictures, in-game items or certificates that are stored on a blockchain. NFTs cannot be exchanged equivalently like common coins or tokens but they can be traded by using crypto. One problem is that the price of an NFT depends on the needs of the market or how much money people are willing to pay for that NFT. As a result, the price of an NFT can be low at the beginning and become much higher later leading to a huge disadvantage for creators. That’s why, recently, many marketplaces have allowed NFT creators to receive royalties as a passive income, yet many still don’t know what royalties are and how it works. In this article, you will find a clear explanation of all NFT royalties. What are NFT royalties and what are they for? NFT royalties are a percentage of the sale price given to the creator every time an NFT is sold in the marketplace. Royalty payments are perpetually and automatically executed by a smart contract mechanism. Royalty rate is set due to the creator and the limit is different from marketplace to marketplace. It can be from 5% to 10% or even up to 30%. NFT royalties are an amazing way for the community to show appreciation for the works of artists, content creators or game developers. It is also a way for creators to earn a profit. The more valuable their products are, the higher the prices that they can be sold at. When the price of an NFT goes up, creators will receive more money, which is a good way to reward the deserving creators. Since the NFT royalty policy was applied, many content creators have rushed to the NFT bandwagon. It is a new way to motivate creators and protect copyright. How do NFT royalties work? NFT royalties are different from traditional royalty payments. NFT royalties are automatically paid to the creators or artists when their NFTs are resold due to the smart contract mechanism. From the second sale onwards, the fee is ensured to be paid by the smart contract terms. There is no third party interfering in this process. Everything is automated by the help of smart contracts to ensure 100 percent that the royalty is paid in full. There is no chance for the buyer to cheat out of the royalties. It is noticeable that although most NFT trading platforms have now enabled creators to receive royalty, not any NFT yields royalties. The terms about royalty shall be set clearly and specifically in smart contracts at the beginning. Moreover, the rate once set is fixed overtime. You can never change your royalty percentage. Many may think 5% or 10% of an artwork sell is not much. However, you should consider how much the price can go up in the future. It can be from 10 times to 100 or even 1000 times higher than the floor price. For example, Jaques Grft, an electronic musician received around $27.000 in royalties from 2011 netting. Bottom line Royalties make it possible for people to respect their idol’s masterpieces. This is to stimulate musicians, content creators and artists to involve more in creating and trading their works as NFTs. From now on, artists can have deserving shares from their works in perpetuity.

Understanding NFT Royalties: What they are and How they Work

Enabling NFT Royalties With EIP-2981

Habilitación de regalías NFT con EIP-2981

The Rise of NFT based Perpetual Royalties The way we connect with our real and digital worlds is changing because of NFTs. Due to its popularity and exclusivity, 2021 will be a historic moment for NFTs, with total sales topping $14 billion. Artists, investors, and entrepreneurs have been flooding the development Web3 arena. The quality and unique features of users dominate the NFT sector. Gaming, especially Play-to-Earn games, has been one of the most exciting innovations in DeFi in recent years. is introducing NFT based perpetual royalties on Ethereum with its NFT collection product which shall provide the initial contributors with perpetual royalties based on the secondary market sales. NFT based perpetual royalties is a novel concept that provides users with passive income from the sale of NFTs from the secondary market. Crypto metaverses are virtual realms with vast social and economic potential. Blockchain technology enables them to join the larger crypto market, enabling virtual goods to be swapped for real-world money outside the metaverse. Metaverses, which combine the immersive surroundings of virtual reality (VR), the gripping playability of video games, the networked participation of social media, and the value exchange of crypto, are poised to become a prominent component throughout the next phase of blockchain gaming on the internet. Metablaze Whenever an asset is sold, the NFT Royalty is provided to the original creator of the asset. In the event that the creator’s work and innovation are valued, recursive selling will bring royalty fees to them. For example, if an artist mints NFT art and lists it in the marketplace, the artist will always get 10% of the transaction. This is the creation and maintenance of an environment that allows individuals to benefit from the crypto ecosystem. Though NFTs offer a variety of advantages and appealing characteristics, the NFT royalties and NFT smart contracts provide the foundation for persuading individuals to enter the crypto world. The Royalty model is a great method to generate cash while recognizing the crypto community. NFT smart contracts, on the other hand, have various linear sets where they desire to have a flawless efficiency model that plays a critical part in asset protection. Understanding The Technology Behind NFTs Non-fungible tokens (NFTs) are cryptographic tokens that represent one-of-a-kind assets. NFTs are digital or real-world assets that have been tokenized. Within a blockchain network, they provide verifiable evidence of validity and ownership. Because NFTs are not interchangeable, they create scarcity in the digital world. The property of an item whose component pieces are interchangeable and practically indistinguishable from one another is referred to as fungibility. All fiat currencies, for example, are fungible. Each individual unit must be interchangeable with any other similar individual unit in order to function as a medium of trade. A genuine one-dollar note may be exchanged for another authentic one-dollar bill. Decentralized apps (DApps) may leverage NFTs to enable the production and ownership of one-of-a-kind digital products and collectibles. While NFTs may be sold in open markets that link buyers and sellers, it’s important to remember that each one has its value. To make the issuance of NFTs easier, many frameworks have been developed. The most well-known of these is ERC-721, which is a standard for non-fungible asset creation and trade on the Ethereum blockchain. ERC-1155 is a more current, enhanced standard that allows both fungible and non-fungible tokens to be included in a single contract. The standardization of NFTs provides for greater interoperability, which means that unique assets may be easily shared across applications. NFTs have the potential to be an essential part of a future blockchain-based digital economy. They could be used in a variety of sectors, including video games, digital identification, licensing, certifications, and fine art, and they may even allow for partial ownership of goods. Storing ownership and identifying data on the blockchain would improve data quality and privacy while making these assets easier to transfer and administer would minimize friction in commerce and the global economy. Catch all the breaking news, and Don’t forget to like the story!

Metablaze to Introduce NFT based Perpetual Royalties on Ethereum

Collecting royalties is a complicated job. So complicated, that there is an entire industry dedicated to hunting down money owed to artists and creators. In the digital world, non-fungible tokens (NFTs) have become the fastest-growing medium for selling digital assets, and some NFTs have built-in royalty-payment functionality. However, , in one cryptocurrency, and even then, the payment is voluntary. In terms of revolutionizing royalty collections, they fall short in many ways. they can only pay royalties to one creator We at Tatum have decided to change all that. is a platform that simplifies blockchain development, and we have just created a new type of royalty NFT with features that go far beyond those available on the market today. Tatum Using our and API, you can create royalty NFTs with just a few lines of code. No need to code your own smart contracts, no need to run blockchain nodes. The new royalty NFTs are currently available on: JavaScript SDK (ETH) Ethereum (MATIC) Polygon (CELO) Celo (ONE) Harmony (BSC) Binance Smart Chain So what’s the big difference? EIP-2981 is currently the most popular royalty NFT standard, but Tatum’s NFTs are a major improvement in several ways: They can payout royalties to multiple creators Whereas EIP-2981 NFTs can only pay royalties to a single creator, , and each creator can receive a . This means you could set a percentage cashback for every member of the team involved in creating a video, and everyone would receive their share upon every transaction of the NFT. Tatum’s NFTs can pay to as many creators as you want different percentage You can make royalty payment mandatory With other royalty NFTs, the royalty payment is optional. This requires trusting that every time someone buys the NFT, they will choose to pay the percentage royalty amount to the original creator. However, with our NFTs, . Each NFT pays out a percentage of the purchase price to each creator with every transfer. If someone tries to bypass this by setting the purchase price to zero, there is a function that allows you to set a minimum amount of cashback that must be paid for the NFT to be transferred. If the percentage royalties are less than the value of the minimum cashback, the minimum amount of cashback will be paid out. you have the option to make royalty payment mandatory This minimum amount of royalties is optional, so you could also make royalty payment voluntary by setting it to zero. They can payout royalties in ERC-20 tokens. You could create an NFT on Ethereum which pays royalties in USDT, an NFT on Celo which pays royalties in cEUR, or any other ERC-20 token on the token’s blockchain. This opens up a world of possibilities for on each blockchain and is the first feature of its kind in the blockchain space. convenient royalty payments in various cryptocurrencies A new era of digital assets This NFT functionality is blazing a path to a future where royalty payments are completely automated and integral to the digital assets themselves. With NFTs becoming more and more commonplace as tokenized representations of both artistic and functional assets, creators and companies of all kinds can now easily leverage comprehensive royalty payment features to ensure they continue to get paid, forever. The possibilities are limitless for a wide range of verticals. Imagine selling in-game assets like weapons and skins where everyone in the design and dev teams gets a share of each sale. Or selling rare sneakers using NFTs as digital certificates of authenticity. With the hefty resale prices, fashion articles commonly fetch in the aftermarket, tapping into this revenue stream would be highly lucrative for both independent creators and established manufacturers. Speaking of authenticity, Tatum’s NFTs also record , or, a record of every transaction in the token’s history. This ensures that the verification of an asset’s authenticity is fast and accurate, . For the tokenization of real-world physical items, this instant verifiability is priceless and will save both buyers and sellers countless hours of investigation. provenance data eliminating any possibility of forgery or fraud const obj = await getNFTProvenanceData(
    Currency.ETH,
    '0x7060694f5ce1feb5a255d06fdcf6e4f7a3507492',
    '15',
); How to create them Using Tatum’s , you can instantly deploy smart contracts and mint NFTs without any previous blockchain development experience. The entire library is open source, and we’ve created on how to work with the new NFTs. If you need some help getting started in Tatum, , and is a very active community hub for developers. JavaScript SDK a step-by-step guide there’s a guide for that too our Discord ** **If you are an enterprise looking to move into the NFT space, we have also recently launched a__ __ to guide you through the process. Partnership Program The time to tap into the wave of NFT fever is now, and Tatum’s NFTs will help you stay well ahead of the curve. Get started creating the NFTs of tomorrow and keep getting paid forever! More about Tatum Tatum supports over 40 blockchain protocols and is used by over 16,000 developers from around the world. Apps built on Tatum are used by tens of millions of end-users and process billions of dollars worth of transactions per month. Earlier this year, Tatum made waves in the tech world by winning the and becoming a top 5 finalist in the as the first-ever blockchain startup selected to participate. European Startup World Cup Finale TechCrunch Startup Battlefield

Stories, News & Mentions about ROYALTIIO

Royaltiio’s Stories on HackerNoon