Art Blocks Launches Secondary Market and Enforces Secondary Market Royalties
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 t
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
Art Blocks, a popular NFT platform for generating unique, algorithmic art, announced on March 30th that it had launched its own secondary market and would enforce secondary market royalties. This news is significant as it addresses some of the ongoing issues that plague the NFT market, particularly the weakening enforcement of creator royalties. The new features on Art Blocks will aim to address the pain points of security, authenticity, and royalties. Here’s what you need to know about this new development:
What is Art Blocks?
Art Blocks is an NFT platform where users can generate their unique algorithmic art pieces known as “generative art.” Each piece is unique, as it is algorithmically generated and customizable. The platform has become increasingly popular lately, with many high-profile artists and celebrities joining in and creating their unique artwork on the platform.
Why Launch a Secondary Market?
Art Blocks originally launched its platform with the primary aim of supporting its artists and ensuring that they receive a royalty every time their artwork is resold in the secondary market, thus allowing them to maintain control over their creations. However, as the NFT market has grown and expanded, enforcement of creator royalties has weakened in some instances. This trend has led Art Blocks to step up measures to protect its artists’ interests and protect the secondary market’s operation.
What are Secondary Market Royalties?
When an NFT creator sells their artwork, the buyer owns it and can sell it on the secondary market. The secondary market is an online marketplace where buyers and sellers trade NFTs. The problem is that the creator of the NFT does not usually receive any compensation when their work is resold on the secondary market. Secondary market royalties are designed to address this issue by incentivizing creators to continue making NFTs by allowing them to receive a percentage of profits gained from each secondary market sale of their works.
How Does Art Blocks Enforce Secondary Market Royalties?
To enforce secondary market royalties, Art Blocks launched its secondary market, allowing users to participate in a fully integrated and trustworthy marketplace. Any artwork purchased from the primary marketplace can be freely traded on the secondary marketplace, and royalties will be automatically distributed to the creator when the artwork is resold. This ensures that the artist who creates the work will continue to receive a portion of its value when it is resold.
How Will This Impact the NFT Market?
Art Blocks’ move to launch its own secondary market and to enforce secondary market royalties is a significant step towards protecting artists’ rights and improving the overall trustworthiness of the NFT market. Artists can now have greater control over their creations and earn an income from them long after they sell them. The creation of a secondary market could also increase the value of NFTs, leading to a more vibrant and successful marketplace.
Conclusion
Art Blocks’ launch of its secondary market and enforcement of secondary market royalties is a significant move that will help protect artists’ rights and incentivize them to continue creating NFTs. The platform has taken measures to address some ongoing issues with the NFT market, including allowing creators to maintain control over their creations and receive compensation for secondary market sales. This move is expected to transform the NFT market and set a new standard for the industry.
FAQs
**1. What is generative art?**
Generative art is artwork created using algorithms or code, rather than being drawn by hand. Each piece is unique as it is algorithmically generated and customizable.
**2. What is a secondary market?**
The secondary market is an online marketplace where buyers and sellers trade NFTs. It is where NFTs are resold after they have been purchased on the primary market.
**3. How does Art Blocks’ secondary market work?**
Artwork purchased from the primary marketplace can be freely traded on the secondary marketplace, and royalties will be automatically distributed to the creator when the artwork is resold.
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