Art Blocks Launches Secondary Market with Enforced Royalties for Creators

On March 30th, Art Blocks, an NFT platform for generating art, announced that it had launched its own secondary market and would enforce secondary market royalties in response to the weakening enforcement of creator royalties. Art Blocks stated that it had decided to create this feature on the website to address the three pain points of security, authenticity, and royalties. Users can use this feature on the latest Curated version of Cargo.

Art Blocks Website Launches Secondary Market Functions for Enforcing Royalties

Art Blocks, the NFT platform that allows artists to generate unique pieces of digital art, has announced the launch of its own secondary market. The platform has also announced that it would be enforcing secondary market royalties in a bid to strengthen the protection of creators’ rights.

Background

NFTs, or non-fungible tokens, have been all the rage recently. They are digital assets that exist on the blockchain and can represent ownership of anything from artwork and music to virtual real estate. One of the most popular NFT platforms is Art Blocks, which allows artists to generate unique pieces of digital art through the use of algorithms.

The Announcement

On March 30th, Art Blocks announced that it had launched its own secondary market. This is a big move that will allow users to buy and sell NFTs generated through the Art Blocks platform. The secondary market is located on the latest curated version of Cargo, which is a platform that specializes in the peer-to-peer trading of digital assets.

The Three Pain Points

Art Blocks has stated that the launch of their secondary market and enforced royalties is in response to three key pain points: security, authenticity, and royalties.

Security

Due to the decentralized nature of the blockchain, it can be difficult to ensure the security of transactions. Art Blocks has addressed this issue by launching its own secondary market, which will provide a more secure way for users to buy and sell NFTs generated through the platform.

Authenticity

One of the key benefits of NFTs is that they can verify the authenticity of digital assets. However, this is only possible if the NFT is generated through a reputable platform. By launching its own secondary market, Art Blocks is ensuring that only authentic NFTs are available for sale.

Royalties

NFTs have been criticized for their lack of royalties for creators. Once an NFT is sold, there is no guarantee that the original creator will receive any further payment for subsequent sales. In response to this, Art Blocks has announced that it will be enforcing secondary market royalties. This means that the original creator will receive a percentage of the sale price every time their NFT is resold.

The Future of NFTs

NFTs have exploded in popularity over the past few months, but there are still concerns about their longevity. Some have questioned whether the hype surrounding them will last or whether they are just a passing fad.
However, the launch of Art Blocks’ secondary market with enforced royalties is a positive step for the NFT industry. It shows that there is a growing awareness of the importance of protecting creators’ rights and ensuring the authenticity of digital assets.

Conclusion

Art Blocks’ launch of its own secondary market with enforced royalties is a significant move for the NFT industry. It addresses important pain points such as security, authenticity, and royalties, and shows that there is a growing recognition of the importance of protecting creators’ rights in the digital sphere.

FAQs

1. What are NFTs and why are they important?
NFTs are non-fungible tokens that exist on the blockchain and represent ownership of unique digital assets. They are important because they provide a way for creators to monetize their digital creations and for users to own and trade unique digital assets.
2. How does Art Blocks generate unique pieces of digital art?
Art Blocks uses algorithms to generate unique pieces of digital art. Users can choose from a range of algorithms and tweak the parameters to generate their own unique pieces.
3. How does Art Blocks enforce secondary market royalties?
Art Blocks enforces secondary market royalties by ensuring that a percentage of the sale price of an NFT generated through the platform goes to the original creator every time it is resold on the Art Blocks secondary market.
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