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 top marketplaces have made creator royalties optional as a way of attracting users to their platforms.
The new marketplace has integrated with the Art Blocks website. It will allow collectors to browse different NFTs across all existing Art Blocks collections, whether they are natively listed there or aggregated from other marketplaces such as OpenSea.
🧵 Hey y’all. In response to diminishing enforcement of creator royalties, we launched our own secondary market… It’s a big deal, and you can try it out on our newest Curated release, Cargo: https://t.co/jwglS7CWvr. Let’s get started and find out why this matters so much 👇
— Art Blocks (@artblocks_io) March 29, 2023
There are a number of features that make the Art Blocks marketplace unique. It will not charge any fees for secondary trades that take place, while creator-imposed royalties will be fully honored. Creator royalties serve as a stable source of revenue for artists whenever an art piece is sold on the secondary market. They normally range between 5% and 10%. However, most top marketplaces have dropped them to a bare minimum of 0.5% as a way of slashing NFT prices.
This tactic hasn’t sat well with with many members of the NFT community, including the Art Blocks team. Erick Calderon, founder and CEO of Art Blocks, is a staunch supporter of creator royalties. After all, he is an artist himself and created a valuable collection on the platform called “Chromie Squiggle.”
Art Blocks Aims To Incentivize Royalty Payment
With the launch of the marketplace, he notes, “We are here to support the artists and the artists’ practices.” Before adding that they were necessary since they allowed artists to quit other jobs and solely focus on what they loved doing most.
However, it’s not clear how they plan to incentivize collectors to pay the full royalties set by artists. Caldron notes that “the creator economy is empowering the creator with control over their own creation.” Therefore, with time, a formula will be found for how the creator can provide a meaningful reward to collectors.
Other than incentivizing royalty payments, the marketplace aims to provide a secure platform that is free of scam projects and knockoffs.
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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 globe.
