Art Blocks launched a secondary marketplace with enforced royalties, presented as “creator-friendly.” Since its launch in November 2020, the generative art nonfungible token (NFT) platform generated more than $1.4 billion worth of secondary market sales, all on external markets like OpenSea.
It has been reported that it will now offer an official secondary market, integrated into the existing platform. Presenting itself as “creator-friendly,” Art Blocks will not take any platform fee for secondary trades that occur via its new secondary marketplace. Also, creator royalty settings specified by the artists will be fully honored. Erick “Snowfro” Calderon, the founder and CEO, has defended creator royalties in the NFT world on many occasions.
However, the new secondary marketplace will offer the artists the possibility to showcase their work after the mint. According to Art Blocks executives, many of them asked for the ability to share their work without pointing to a broad NFT marketplace like OpenSea.
The report said that Art Blocks is a platform dedicated to generative art on the blockchain. Artists can create and deploy custom-designed algorithms on the Ethereum blockchain. By doing so, they can generate unique generative artworks. Some of the most famous projects include the “Chromie Squiggles” by Erick Calderon, “Ringers” by Dmitri Cherniak, and “Fidenza” by Tyler Hobbs.
Likewise, with its secondary marketplace, Art Blocks aims to put more power in the creators’ hands. It is also looking to reward collectors in one way or another in the future. The company said that it will not follow other marketplaces like Blur by launching its token.
Thus, this update will bring more security to artists and collectors on the platform. Artworks sold on the secondary marketplace will be authenticated. Finally, collectors will have the certitude to pay the fairest prices. Art Blocks secondary marketplace will aggregate all the listings on the different secondary platforms like Blur or OpenSea.
Source: NFT Evening