SNEAK PEEK
- Neo introduces NEP-24, a groundbreaking NFT royalty standard enhancing transparency and fairness in secondary sales.
- With NEP-24, creators can specify royalty recipients and amounts dynamically based on sale prices, ensuring equitable compensation across platforms.
- Early adopters like GhostMarket have integrated NEP-24 into their Python NFT template, setting the stage for widespread adoption and interoperability in the evolving NFT ecosystem.
Neo has officially unveiled its latest stride in the world of Non-Fungible Tokens (NFTs), solidifying its stance with the introduction of NEP-24. This newly minted standard is poised to redefine the landscape of NFT royalties, offering a comprehensive framework for disclosing and managing royalties on secondary sales of digital assets.
Neo has released the NEP-24 #NFT Royalty Standard.
NEP-24 is a global standard for retrieving royalty payment information for Non-Fungible Tokens (NFTs), facilitating royalty payments across all NFT marketplaces in the Neo ecosystem.
Learn more here: https://t.co/hYDwGVN42e pic.twitter.com/5wWb4aoh4r
— Neo Smart Economy (@Neo_Blockchain) April 19, 2024
NEP-24 represents a significant extension to the existing NEP-11 NFT smart contracts, enhancing their functionality to accommodate royalty distributions seamlessly. At its core, this standard introduces a novel method dubbed “royaltyInfo,” empowering NFT contracts to specify royalty recipients and corresponding amounts with precision and flexibility.
One of NEP-24’s key features is its ability to accommodate diverse royalty structures. Contracts can allocate royalties to single or multiple recipients. Moreover, royalty amounts can be dynamically calculated based on the sale price, ensuring fair compensation for creators and stakeholders across different marketplaces.
In a bid to foster interoperability and consensus among various platforms, NEP-24 mandates the emission of a new event, dubbed “RoyaltiesTransferred,” by marketplaces for each payout recipient. This mechanism not only streamlines the royalty distribution process but also fosters transparency and accountability within the ecosystem.
GhostMarket, an early adopter of the NEP-24 standard, has already integrated the protocol into its Python NFT template, setting a precedent for other players in the market. Additionally, the standard has been exemplified through a new C# NFT contract in the neo-dev pack-dotnet, further solidifying its viability and applicability across different programming languages.
The introduction of NEP-24 marks a significant milestone in the evolution of NFT standards, promising a more equitable and efficient ecosystem for creators, collectors, and platforms alike. With its robust framework and widespread adoption, NEP-24 is poised to shape the future of NFT royalties, paving the way for a more inclusive and sustainable digital economy.
The implementation of NEP-24 underscores Neo’s commitment to innovation and collaboration in the realm of blockchain technology. As the NFT space continues to evolve, standards like NEP-24 will play a pivotal role in driving growth, efficiency, and trust within the ecosystem.
