Reports said that e-commerce platform eBay’s nonfungible token (NFT) marketplace KnownOrigin will launch creator smart contracts for its artists.
It has been reported that with the new contract, artists can split earnings and earn royalties as co-creators. As told by KnownOrigin, users have been testing its Creator Contract beta release for the past few weeks, with 84 contracts thus far deployed and 250 editions of NFTs minted.
However, starting Feb. 24, all approved creators on KnownOrigin will be able to deploy and mint work on their own contract for public release. Deployment will not require coding knowledge. In June 2022, KnownOrigin was acquired by eBay for an undisclosed sum.
According to its co-founder David Moore, the Ethereum-based platform seeks to “empower creators and collectors by giving them the ability to showcase, sell and collect unique, authenticated digital items.” EBay has enabled NFT listings on its direct marketplace since May 2021. The company has not integrated blockchain technology to support transfers or crypto-based sales on its platform.
The report said that during an airdrop in May 2022, users were required to use in-platform messaging or email to receive their NFTs outside of the platform. EBay does not currently support listings soliciting payments or transfers in cryptocurrencies.
Thus, founded in 2020, KnownOrigin is known for its dedicated, boutique community of NFT artists and creators. Currently, the most popular collection listed on the platform was created by XCOPY, with 27 editions and 559 sales. Known for its share of “digitally glitched” and flashing image artworks, the collection has surpassed 1,523.78 Ether ($2.56 million) in total sales volume.