• KnownOrigin, an NFT marketplace owned by eBay, is launching creator smart contracts for its artists.
• The contract allows them to share in profits and royalties as equal partners.
• KnownOrigin was founded in 2020 and has seen over 1,523.78 Ether ($2.56 million) worth of sales volume from its collection of “digitally glitched” and flashing picture artworks.
EBay Introduces Creator Smart Contract For KnownOrigin
EBay recently purchased the non-fungible token (NFT) marketplace KnownOrigin in June 2022, with the goal of empowering creators and collectors by giving them the ability to showcase, sell and collect unique digital items. As part of this effort, KnownOrigin is now rolling out a Creator Contract beta which gives artists more control over their work while allowing them to share in profits and royalties as equal partners.
How Does It Work?
KnownOrigin’s Creator Contracts will enable artists to deploy and mint their own works on Ethereum without needing to know how to code. The contracts have already been tested for a few weeks with 84 contracts deployed and 250 NFT editions minted so far. Artists will be able to use these contracts beginning February 24th 2021.
What About Other Platforms?
Since May 2021, NFT listings have been allowed on eBay’s direct marketplace though blockchain technology is not yet incorporated into the platform for facilitating transfers or crypto-based sales at this time. Customers can still obtain their NFTs outside the platform through an airdrop in May 2022 but must utilize in-app chat or email for now until further integration takes place.
KnownOrigin was founded in 2020 and offers a community of NFT developers and artists exclusive access to their products as well as support when needed. To date, they have seen over 1,523.78 Ether ($2.56 million) worth of sales volume from their collection of “digitally glitched” and flashing picture artworks alone!
With these new creator contracts being put into effect later this month, it’s clear that eBay wants to continue providing opportunities for creators to capitalize on their works while also offering protection against any potential misuse or theft that may occur within the industry itself – something that will likely bring more users onto their platform moving forward!