eBay NFT platform KnownOrigin launches Creator Smart Contracts
eBay’s NFT marketplace, KnownOrigin, is set to launch creator smart contracts for its artists. With this new update, artists can split earnings and earn royalties as co-creators.
KnownOrigin launches creator contract
From February 24, all approved creators on KnownOrigin will be able to deploy and mint work on their own contracts via the portal.
Users have been testing Creator Contract beta release for the last few weeks, with 84 contracts deployed and 250 editions of NFTs minted so far.
“After listening to the community, we recognized that one of the features most requested was the ability for creators to deploy their own contracts and list pieces from these creator-owned contracts on KnownOrigin’s curated marketplace.” said the company in a journal.
Creator contracts enable creators to deploy their own contracts without having to code. It allows them to expand their brand beyond the token level.
With creator contracts, owners can have full control of the sovereignty of their pieces, where their art is listed, and how the audience engages with their work.
Previously, all approved creators on KnownOrigin have been minting from the same shared contract. However, there has been a shift from shared marketplace contracts to creator-owned contracts, which give owners full control over their pieces.
The downside of relying on shared contracts is that creators’ works are directly attached to the marketplace narrative. If the platform were to crash, the contract that housed collections would also disappear.
eBay acquires KnownOrigin
eBay, the e-commerce giant, acquired KnownOrigin in June 2022 for an undisclosed sum. KnownOrigin’s technology gives artists a place to create unique and authentic digital collectibles in the form of NFTs.
The platform was founded in 2018, allowing artists and collectors to create, buy, and sell NFTs via blockchain-support transactions. It is known for having a dedicated boutique community of NFT artists and creators.
Jamie Iannone, CEO of eBay, said that its acquisition would help eBay remain a leading site for people searching for unique additions to their collections.
“KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers.”said Iannone
David Moore, the co-founder of KnownOrigin, said the platform is meant to empower creators and collectors by allowing them to showcase, sell and collect digital items.
“As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay,”Moore June 22, 2022
eBay began allowing the buying and selling of NFTs in May 2021, at a time when there was increasing public interest in digital collectibles. However, the company has not integrated blockchain technology to support crypto-based sales or transfers.
During an airdrop in May 2022, users had to use in-platform messaging or email to receive their NFTs outside eBay.