SNEAK PEEK
- Metaplex, the standard maker of Solana NFT has announced a new NFT class is being developed to enforce on-chain royalty of creators.
- Most of the NFT marketplaces of Solana are now using zero-royalty models.
- The developers are setting a new standard to enforce the payment of royalties.
Metaplex developers announced recently that they are developing a new standard that would enforce the payment of royalties.
We’ve heard you – the community is ready. Metaplex is building a new asset class that will enable creators to enforce royalties at the protocol level by extending the Token Metadata program, which powers 99%+ of all NFTs on Solana.
— Metaplex (@metaplex) October 20, 2022
The step is the reaction to the action created as the payment of royalties was made optional in the previous week. The creators and artists decide their royalty charges, but the marketplaces get to decide the price at which they would hire them and the price of their provided content.
The current standard of the metaplex is used by most of the Solan NFTs as it has been used traditionally. Metaplex gives assurance that it can create enforceable royalties by extending its token metadata program, which is the primary way of gathering the data and information that makes the NFTs.
Metaplex’s tweet suggests that it aims to include multiple standards of NFTs under its framework. Metaplex technology can affect the entire community of Solana creators as it is a giant in its field. A major step taken by such an important part of a community will affect the whole a lot.
The first marketplace of Solona to avoid the creators’ royalty was Yaww. It tried to draw the traders from the dominant Magic Eden, and eventually, the process flew slowly across platforms. Magic turn also claimed that its platform would not need any partnership with any other NFTs and could sustain itself independently. This claim did not stain for a long time as the pressure from its rival pressurized Magic Eden to grant optional creator royalties for their works.
