eBay launching NFT smart contract for creators & designers

Platform for ecommerce KnownOrigin, eBay’s nonfungible token (NFT) marketplace, will launch smart contracts for its creators. As co-creators, artists can divide income and earn royalty payments under the new contract. According to KnownOrigin, consumers have been checking its Creator Contract beta release for several weeks, with 84 contracts installed and 250 editions of NFTs minted so far.

Beginning February 24, all qualified KnownOrigin creators will be capable of deploying and minting work on their own contract for official disclosure. Deployment will not necessitate any knowledge of coding.

KnownOrigin was obtained by eBay for an undisclosed amount in June 2022. The Ethereum-based network aims to inspire creators and owners by allowing them to demonstrate, sell, and acquire authorized virtual assets.

Since May 2021, eBay has allowed NFT listings on its significant marketplace. However, the business has not embedded a blockchain-based platform into its network to help with transactions or crypto-based sales. Consumers were obligated to use in-platform communication or email to collect their NFTs outside of the platform during an airdrop in May 2022. eBay does not currently allow listings soliciting cryptocurrency payments or transfers.

KnownOrigin, founded in 2020, is known for its devoted, boutique community of NFT artists and creators. XCOPY presently has the most renowned collection on the website, with 27 editions and 559 sales. The collection, known for its “digitally glitched” and darting image pieces of art, has sold 1,523.78 ether ($2.56 million) in total.