Art Blocks unveils new NFT Marketplace with a focus on creator royalties
Art Blocks, a generative art creation platform, has developed a secondary marketplace for NFT sales, accentuating paying royalties as the debate on diminishing creator royalties persists.
Tapping into NFT trade
Art Block’s contribution to non-fungible token (NFT) sales in the secondary markets might take another trajectory. Data reveals that over 1.4 billion value of NFT sales in the secondary markets originates from Art Blocks. The platform, leading in creating blockchain-based procreative art, now owns a secondary marketplace to spearhead sales of NFTs.
With the integration of the available Art Blocks website, the new marketplace enables collectors to search for the registered NFTs from all the prevailing Art Blocks collections. The search will encompass natively registered and those in other secondary marketplaces like OpenSea.
Art Blocks does not charge any fee on secondary trades running through its marketplace while honoring the royalty settings specified by the artists. A royalty implies the fraction that goes to an NFT creator from the secondary sale price, which is between 5% and 10%.
Some Ethereum-based platforms, such as OpenSea and Blur, have diverted from the original course. They are treating royalties as optional when it comes to traders exceeding a nominal of 0.5%.
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Art Blocks and CEO Erick “Snowfro” Calderon said, “The new NFT marketplace is in place to aid artists and their operations.” Calderon, who has been forthright from the beginning on creator royalties, faulted market leaders for the downward trend harming artists. He further acknowledged that most artists solely depend on art as a source of income.
Is the launch date a coincidence or well-planned?
When asked about the launch date by news outlet Decrypt, Calderon articulated that the inauguration was not a reaction to the marketplace cutting creator royalties. Planning commenced in the summer of 2018 but started to have effect at the end of 2022.
Jake Rockland, CTO of Art Block, indicated that the timing for the debut was “coincidental” to the ongoing debate on creator royalties. He further states that his primary concern was finding the right platform with the proper tech to collect listings. Eventually, the Art Block NFT marketplace utilizes Seaport protocol like OpenSea, whereby Reservoir expedites aggregation.
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