There’s an existential threat to the independent creator ecosystem in Solana. A predatory trend that spread like a wildfire, started months ago by marketplaces that encourage circumventing creator royalties, that keep causing distress and uncertainty in our community.
Whether you are an artist, a collector or a trader, there is no topic that has been discussed more extensively during the last couple of weeks than creator royalties.
Exchange launched on Oct 31st 2021, with a mission to empower the web3 creator economy, and we quickly became the home to almost 7,500 artists and 10,000 active collectors, so naturally, this trend goes against everything we believe in.
We found ourselves in a position where we had to do something about it and after weeks of working with our friends of Cardinal Labs, we were ready to present a solution.
Let us introduce, the Exchange Royalty Protection Standard.
What is it? First and foremost, it’s an OPT-IN mechanism for creators to take control back by allowing them to enforce royalties in perpetuity.
How does it work? Starting with editions newly minted on Exchange (we’ll later add 1/1s), creators will be able to OPT-IN to get their NFTs protected, this will make them only tradeable (initially) on Exchange.Art, effectively preventing bad actors from both performing OTC trades or force indexing and listing those works on platforms that don’t honor royalties.
As part of our comprehensive plan, we are creating a network of artist protecting marketplaces that share our same beliefs, where NFT holders will be able to buy and sell their tokens. We don’t intend to become a walled garden, but a safe space for creators.
How do I know if a NFT is protected? You’ll be able to easily identify works operating under that standard, just look for this message and corresponding badge.
If it's not there, it's not protected.
But what if I need to move my NFT to other wallet? We got you covered. Let’s say you purchased a piece of art with your hot wallet and need to send it your Ledger, you’ll be able to do so by using our NFT Transfer Tool.
Simply select the wallet you want to send this to and generate a transfer link. The receiving end will be able to claim that NFT by just accessing that claim link you just shared. Super simple.
What if I change my mind, can I revert this? Absolutely! The Exchange Royalty Protection Standard lets creators OPT-OUT at any time. Remember, this isn’t about locking artists in, it’s about protecting your rights!
OK, this sounds amazing. When does this go live? Today! We are celebrating the launch with "IODA, Death To All Robots", an edition drop by John Lê.
We have a responsibility to lead by example, educate and be the change we want to see in the ecosystem. Artists deserve a healthy environment where they can thrive, and our desire is to be their champion. Allowing creators to take the power back, we believe, is a move in that direction.
Happy (royalty protected) minting!