Leading generative art platform, art blocks, has launched its own secondary NFT marketplace that aims to reward collectors for paying royalties. The move comes at a time when many major markets have made creator royalties optional as a way to attract users to their platforms.
The new marketplace has been integrated with the Art Blocks website. It will allow collectors to search for different NFTs across all existing Art Blocks collections, whether they are listed there natively or added from other marketplaces like OpenSea.
🧵 Hello everyone. In response to declining application of creator royalties, we launched our own secondary marketplace… It’s a big deal, and you can prove it in our latest curated release, Cargo: https://t.co/jwglS7CWvr. Let’s get started and find out why this is so important 👇
— Art Blocks (@artblocks_io) March 29, 2023
There are a number of features that make the Art Blocks market unique. You will not charge any fees for any secondary transactions that take place, while any royalties imposed by the creator will be honored in full. Creator royalties serve as a stable source of income for artists whenever a piece of art is sold on the secondary market. They normally range between 5% and 10%. However, most major markets have lowered them to as low as 0.5% as a way to drive down NFT prices.
This tactic has not gone down well with many in the NFT community, including the Art Blocks team. Erick Calderon, founder and CEO of Art Blocks, is a strong advocate of creator royalties. After all, he is an artist himself and created a valuable collection on the platform called Chrome Squiggle.
Art Blocks aims to incentivize the payment of royalties
With the market launch, he notes, “We are here to support artists and artist practices.” Before adding that they were necessary since they allowed artists to leave other jobs and concentrate only on what they liked to do the most.
However, it’s unclear how they plan to incentivize collectors to pay the full royalties set by artists. Calderon points out that “The creator economy is empowering the creator with control over their own creation.” Therefore, over time, a formula will be found on how the creator can provide a significant reward to collectors.
In addition to incentivizing royalty payments, the marketplace aims to provide a secure platform that is free from scam projects and counterfeits.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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