Art Blocks Launches Secondary Market with Royalties to Address Concerns of NFT Creators

03/30/2023 05:08 • Tech Trends • 86 views

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

On March 30th, Art Blocks announced the launch of its own secondary market and the enforcement of secondary market royalties. This move was in response to concerns from creators about the weakening enforcement of royalties on various platforms. Art Blocks hopes to address three primary pain points with this new feature: security, authenticity, and royalties. Users can access the feature on the latest Curated version of Cargo.

Understanding Art Blocks’ Secondary Market

Art Blocks is a popular NFT platform for generating unique and one-of-a-kind art pieces. With its new secondary market, buyers and sellers will have a secure and regulated environment to trade these art pieces. The platform aims to provide better security, authenticity, and uphold creator royalties in the secondary market.

Pain Points the Secondary Market Addresses

Security

The secondary market aims to provide a more secure environment for buyers and sellers. This is in response to several instances of fraud and scams occurring in the NFT space. With a secure environment, buyers can be more confident that they are purchasing authentic pieces of art, and sellers can be sure that they will receive payment for their work.

Authenticity

The secondary market also addresses concerns about authenticity. As the NFT space continues to grow, there are increasing concerns about the legitimacy of art pieces that are being sold. With Art Block’s secondary market, buyers can be certain that they are purchasing authentic pieces of art created by verified creators.

Royalties

The issue of royalties is also addressed by the secondary market. Creators have expressed concerns about the weakening enforcement of royalties on various platforms. Art Blocks hopes to create a fairer and more standardized system for paying royalties to creators, ensuring that their work is properly compensated.

How the Secondary Market Works

The secondary market is available on the latest Curated version of Cargo. This new feature allows creators to set a royalty rate for their art pieces, with the rate ranging from 5% to 25%. This royalty will be automatically collected each time the art piece is resold on the secondary market.
Buyers who purchase pieces from the secondary market will also have access to a detailed transaction history. This history will display all previous sales of the art piece, including the original sale and all subsequent resales on the secondary market. This allows buyers to be certain of the authenticity of the piece they are purchasing.

Conclusion

The launch of Art Block’s secondary market with royalties is a significant development in the NFT space. It addresses several pain points for creators and provides a secure and regulated environment for buying and selling one-of-a-kind art pieces. The ability to regulate royalties in the secondary market ensures that creators’ work is properly compensated.

FAQs

How can I access the secondary market on Art Blocks?

You can access the secondary market on the latest Curated version of Cargo.

What is the royalty rate set by creators?

The royalty rate ranges from 5% to 25%.

How does the detailed transaction history work?

The transaction history displays all previous sales of the art piece, including the original sale and all subsequent resales on the secondary market, ensuring the authenticity of the piece purchased.

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