SNEAK PEEK
- Exchange.Art aims to support artists who do not get royalties in the world of fine art.
- Creators reserve the right to choose the secondary marketplaces for their NFTs to be listed.
- Creators will earn royalties with their NFTs changing hands consistently.
A number of NFT marketplaces have moved into royalty-optional models but there’s one platform that is launching a standard to make sure that non-fungible token creators are paid consistently.
Exchange.Art, a Solana-oriented art NFT marketplace, has introduced a “Royalties Protection Standard” to impose creator royalties on secondary sales of non-fungible tokens taking place on its platform.
CEO of Exchange Art, Alex Fleseriu, shared that the platform was initially made for artists who suffer exploitation in the fine art space, all thanks to lack of standard royalties. This is probably the reason, Exchange.Art will help them wisely in earning the share they deserve in Web3.
Fleseriu added that it is an opt-in kind of program that forbids the work of creators from being forced-listed on marketplaces that do not honor royalties. He continued that they are responsible for creating tools required by creators for a living.
Recently had the opportunity to speak with @camlearnscrypto from @CoinDesk about enforcing creator royalties. We're excited to announce the launch of our Royalties Protection Standard @exchgART!https://t.co/MoufEtHwyY
— Alex Fleseriu | Lisbon (@flashjpr) November 2, 2022
The ‘allow list’ feature of Exchange.Art will enable creators to pick the secondary platforms to list their tokens, which will enable them to seek assured royalties as their work continuously goes through different hands.
X2Y2, an NFT marketplace, dropped its royalty requirements in August to let users make contributions to artists at their preference. Magic Eden, the Solana-based platform, announced an optional royalty payments structure in October. LooksRare has announced an optional royalty policy as well.
Certain platforms are abolishing royalty requirements and others are supporting creators by modifying their structures.
Today NFT News reported that STEPN parent company Find Satoshi Lab has launched an NFT marketplace MOOAR to support artists through enforcing royalties between 0.5% and 10%.
Lastly, Fleseriu added that they want to move from value extraction to value creation, as there are possibilities for the market to bloom. Every minute, a number of creators are stepping into Web3 and must be treated with respect.
