Newsletter #154: NFT Royalties Return
Plus, how to navigate the NFT frontier
This week’s featured collector is Brulik
Brulik has an eclectic NFT collection showcasing a diverse range of quirky, colorful characters. From a cash-wielding skeleton to unique mutants, each avatar has a distinct style and personality. Worth checking out a lazy.com/brulik
The results of last week’s poll: Looking ahead to the next 3-5 years, how optimistic are you about the potential of NFTs to revolutionize the art world?
Last week’s poll asked about optimism regarding the potential for NFTs to revolutionize the art world over the next 3-5 years. A combined 84% express some level of optimism about NFTs significantly impacting the art world in the coming years, with respondents evenly split between extremely and cautiously optimistic. A small minority are neutral or pessimistic on the question. The results suggest a generally favorable view of NFTs' transformational potential in the art space, though a large share remain somewhat guarded in their optimism.
What does this poll mean for NFT collectors? The high degree of optimism regarding NFTs' potential to revolutionize the art world in the coming years suggests that demand for NFTs from traditional art collectors is likely to remain strong or even accelerate. Collectors who believe in the long-term value and importance of NFTs may feel validated and encouraged to continue acquiring notable NFT works. At the same time, the sizable cautiously optimistic contingent indicates some collectors may proceed thoughtfully, being selective in their acquisitions as the market evolves.
OpenSea Introduces ERC721-C Support: A New Chapter in the NFT Royalty Debate
In a recent development, OpenSea, a prominent NFT marketplace, has announced support for the ERC721-C standard, created by Limit Break. This move allows creators to set and enforce royalties on the platform, opening a new round in the ongoing tussle over royalties in the NFT space.
The debate over creator royalties has been a contentious issue in the NFT community for several months. Some argue that artists should have the right to receive a percentage of each sale, ensuring fair compensation for their creative work. Others believe that the decentralized nature of NFTs should allow for a free market without enforced royalties. The introduction of ERC721-C on OpenSea presents a new approach to this challenge.
With ERC721-C, creators can now set their desired earnings percentage and recipient address in their collection settings on OpenSea. They have the option to enforce these earnings on all OpenSea sales, giving them greater control over their revenue stream. However, it's worth noting that collections using ERC721-C for creator earnings enforcement will initially only be purchasable on OpenSea and other marketplaces powered by LimitBreak's Payment Processor, such as Magic Eden.
This development is part of an ongoing struggle to find a balance between creator rights and the decentralized ethos of the NFT market. While some may view this as a positive step towards empowering creators, others may argue that it goes against the principles of a truly open and unrestricted NFT ecosystem.
As an NFT collector, it's essential to stay informed about these changes and consider how they might impact your collecting experience. The introduction of ERC721-C on OpenSea adds a new layer to the conversation, and it will be interesting to see how the NFT community responds and adapts to this development in the coming months.
Learn more on OpenSea’s blog.
Navigating the NFT Art Frontier: Insights from Contemporary Artist Simon Denny
In this engaging interview, contemporary artist Simon Denny shares his fascinating journey and insights on the intersection of art and technology, with a particular focus on NFTs and blockchain art. Denny emphasizes the importance of understanding the historical context of art movements and how they relate to the current NFT art space. He encourages collectors to explore the connections between legacy art and digital art to gain a deeper appreciation for the medium. Additionally, the artist highlights the unique properties of blockchain technology as a medium for art, particularly the fusion of the cultural asset and the financial container within an NFT, which opens up new possibilities for artists and collectors alike.
Denny discusses the need for a more nuanced approach to assessing the value of NFT art beyond just price, suggesting the development of a curatorial infrastructure that provides different signals of value and cultural significance. He also acknowledges the potential for homogenization in the NFT art world, particularly in the context of generative art, and stresses the importance of seeking out innovative and boundary-pushing projects that go beyond the current aesthetic trends. Furthermore, Denny emphasizes the role of community and passion in the NFT art space, encouraging collectors to engage with artists and enthusiasts to gain a deeper understanding and appreciation for the works they collect.
As an NFT collector, it is essential to approach the space with an open mind, a willingness to learn, and a genuine passion for the art itself. By understanding the historical context, embracing the unique properties of the medium, and engaging with the community, collectors can navigate the rapidly evolving world of NFT art and build meaningful collections that reflect their values and interests. Denny's insights serve as a valuable guide for collectors looking to deepen their understanding and appreciation of this exciting new frontier in the art world.
Read the full interview at a16zcrypto.com.
This week’s poll: What is your opinion on OpenSea's decision to support the ERC721-C standard for enforcing creator royalties?
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