As the digital art landscape sees a declining trend in creator royalty fees, Monax Labs brings forth “Aspen,” a beacon of hope with groundbreaking tools geared to ensure artists earn their rightful share.
Table of Contents
The new hope, Aspen
Monax Labs has introduced Aspen, its new membership platform tailored for project creators. After a six-month soft launch, Aspen is now open to the public. The platform offers several tools, ranging from managing royalties to minting and subscriptions.
Currently, Aspen supports Ethereum-based NFTs and its scaling networks like Polygon and Palm. Though ensuring royalty payments on-chain might be a herculean task, Aspen’s suite aims to let creators control access to NFT utilities based on royalty fee settlements.
NFT royalty crisis
Royalties, once the gleaming promise of the NFT realm, provided creators with the hope of continuous earnings. However, with many marketplaces, including giants like OpenSea, making royalty payments optional, the excitement dwindled.
This is seen as a competitive move to attract customers, but it leaves creators at a disadvantage. Aspen’s approach to this conundrum? Consider royalties as an eligibility ticket for NFT utility access.
In essence, if an NFT holder skips royalty payment during purchase, they’ll find their access restricted—until they decide to settle the unpaid fee.
Monax’s methodology & a real-world example
Aspen isn’t just about restricting; it’s about enabling. It offers creators the means to monitor payments. Drawing an analogy with popular subscription models.
Christina Giannakou, the chief creative mind at Monax Labs, described Aspen’s mechanism similar to Spotify or Netflix. But in this symphony, the artist plays a pivotal role in delivering value. By keeping tabs on who’s paid their royalties, Aspen ensures that members gain access to exclusive perks.
During its soft launch, Aspen touted its collaboration with Consortium Key as a shining success story. Consortium Key, which utilizes Ethereum NFTs to enhance crypto trading efficiency, faced a staggering 95% revenue dip due to waning royalty enforcement.
With Aspen’s intervention, they not only met but surpassed their initial revenue goals within a month.
Utility first, art later
While Aspen focuses on utility over art, Giannakou believes artists shouldn’t shy away from exploring additional benefits to provide to their NFT holders. Such incentives can boost the NFT’s appeal and entice potential buyers in the secondary market.
Giannakou passionately expressed:
“Creators are the pulse of innovation. And if these pioneers aren’t compensated for their ingenuity, the entire Web3 landscape might be on shaky ground.”
Artistry and innovation are two sides of the same coin, and platforms like Aspen aim to ensure that both flourish in harmony.