It’s a strong position in the royalty debate. Art Blocks launched a secondary market with mandatory royalties, billed as “creator friendly”.
What is the Art Blocks Secondary Market?
Since its launch in November 2020, the generative art NFT platform has generated over $1.4 billion in secondary market sales, all from external marketplaces like Opensea. It will now offer an official secondary market, integrated into the existing platform.
By billing itself as “creator friendly”, Art Blocks will not charge any platform fees for secondary transactions that take place through its new secondary marketplace. In addition, creator royalty settings specified by artists will be fully honored. Erick “Snowfro” Calderon, the founder and CEO, has championed creator royalties in the NFT world on many occasions.
In addition, the new secondary market will offer artists the chance to exhibit their work after minting. According to Art Blocks executives, many of them requested the ability to share their work without pointing to a broad NFT marketplace like OpenSea.
What can we find on the platform?
Art Blocks is a platform dedicated to generative art on the blockchain. Artists can create and implement custom algorithms on the Ethereum blockchain. By doing so, they can generate unique generative works of art. Some of the most famous projects include Erick Calderon’s “Chromie Squiggles”, Dmitri Cherniak’s “Ringers” and “Trustby Tyler Hobbs.
With its secondary market, Art Blocks aims to put more power in the hands of creators. It also looks to reward collectors in one way or another in the future. However, the company said that it will not follow other marketplaces like Blur in launching its token.
Additionally, this update will provide more security for artists and collectors on the platform. Artworks sold on the secondary market will be authenticated. Finally, collectors will have the certainty of paying the fairest prices. The Art Blocks secondary market will aggregate all the listings on the different secondary platforms like Blur or Opensea.
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