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>... easily charge royalties in perpetuity for resale of their art... Hi. Artist here. I have yet to actually see any example of this occurring with a piece of

>... easily charge royalties in perpetuity for resale of their art... Hi. Artist here. I have yet to actually see any example of this occurring with a piece of NFT art. Do you have an example of an NFT that is actively collecting royalties for the artist via resale?

seibelj 4y ago
https://opensea.io/collection/nickelodeon-rugrats-heyarnold-eth https://opensea.io/collection/nickelodeon-rugrats-heyarnold-... My company is one of the largest NFT companies. This is one of our projects. Millions of dollars in secondaries on OpenSea and our hosted marketplace at https://Nickelodeon.xyz/ https://Nickelodeon.xyz/ We collect all royalties and remit payment to the rights holders which include all artists and creators with residuals on Rugrats, of which there are many. They get their check quarterly along with all the other payments (movies, tshirts, video games, etc.) This isn’t exactly rocket science
- polygamous_bat 4y ago
  So, are you saying that you run a centralized third party that is charged with collecting the royalties and passing it on to the artists? Because nowhere in the ERC-721 standard is there a way to differentiate between a "sale" and a "transfer between wallets". So tell me, please, exactly how "blockchain" is bringing "decentralization" to the art field. I am all ears.
  - seibelj 4y ago
    A sale happens in a marketplace. Marketplaces collect royalties and forward them to the address specified. We are indeed a centralized player, just as all NFT creators are centralized entities (i.e. people) but the assets trade on decentralized networks. I think you have a fundamental misunderstanding of how all of this works and have a sneering, dismissive affect because this is something you don’t understand embraced by people who don’t care what you think.
    - kareemsabri 4y ago
      So if they don't use your marketplace are the royalties not collected?
      - seibelj 4y ago
        There is an Ethereum protocol standard (similar to RFCs in the internet context) that defines a standard for NFT royalties https://eips.ethereum.org/EIPS/eip-2981 https://eips.ethereum.org/EIPS/eip-2981 FYI I am an author of this standard. It is widely supported across the ecosystem https://royaltyregistry.xyz/ https://royaltyregistry.xyz/ My company doesn’t care where our NFTs travel or trade on. We get our royalty regardless.
        polygamous_bat 4y ago
        > The royalty payment must be voluntary, as transfer mechanisms such as transferFrom() include NFT transfers between wallets, and executing them does not always imply a sale occurred. So how is this an improvement over what we have right now? If the buyer and the seller may wish to do so, out of the goodness of their hearts, they can always send part of their sale price to the artist. So why are NFTs necessary in any way, if you cannot programmatically enforce it? (And you never can, the reason of which you already know: if I wish to do so I can make a transfer between my two wallets and a sale look exactly the same.) At which point do these selective, and potentially intentional misleading claims about NFTs go from ignorant to fraudulent? Especially when you may stand to earn a lot by making people believe in your misleading claims?
  - jonnydubowsky 4y ago
    The Rarible exchange contract supports all kinds of external royalty interfaces, among them two that Rarible defined themselves, being an early player in the NFT space: https://hackernoon.com/enabling-nft-royalties-with-eip-2981 https://hackernoon.com/enabling-nft-royalties-with-eip-2981 ERC721, 1155 & 2981 together act as a toolkit for the encoding of royalty administration. For example, if an NFT collection owner only implemented one of Rarible’s royalty distribution schemes mentioned above, another marketplace that’s not aware of that interface can simply call the common registry’s getRoyaltyView function. It tries to query all known royalty interfaces on the token contract and translates any response to a commonly useable result. Collection owners who haven’t put any royalty signaling scheme into their contract can deploy an extended “override” contract and register it with the common registry. This registration method will ensure that only collection owners (identified by the owner public member) can call it The Rarible exchange contract supports all kinds of external royalty interfaces, among them two that Rarible defined themselves, being an early player in the NFT space: For example, if an NFT collection owner only implemented one of Rarible’s royalty distribution schemes mentioned above, another marketplace that’s not aware of that interface can simply call the common registry’s getRoyaltyView function. It tries to query all known royalty interfaces on the token contract and translates any response to a commonly useable result. Collection owners who haven’t put any royalty signaling scheme into their contract can deploy an extended “override” contract and register it with the common registry. This registration method will ensure that only collection owners (identified by the owner public member) can call it ```function royaltyInfo(uint256 _tokenId, uint256 _salePrice) external view returns (address receiver, uint256 royaltyAmount);``` The interface also completely works off-chain, so marketplaces that trade assets on alternative infrastructure can still query the creator fee without knowing anything else besides the interface signature of the EIP-2981 method. PaymentSplitters: Sending NFT Royalties To More Than One Receiver. Open Zeppelin's PaymentSplitter primitive allows setting up individual split contracts that keep funds safe until their payees claim them, and their receive function requires the bare minimum of gas to run. NFT collection builders can create an inline PaymentSplitter containing the wanted list of beneficiaries and their respective share amounts and let their EIP-2981 implementation yield the address of that split contract.
wanderingbort 4y ago
Sure, look at the last sale for this piece https://opensea.io/assets/ethereum/0x495f947276749ce646f68ac8c248420045cb7b5e/35233899613917287999995695780431454149318013369249442495160295925926890307585 https://opensea.io/assets/ethereum/0x495f947276749ce646f68ac... The artist got 0.21 ETH in the transaction despite not actually having a direct role in the sale. Here is that sale transaction https://etherscan.io/tx/0xcd157ff73439e20903a8573ef2a280571a615239760a77fc19da64b66b2cc881 https://etherscan.io/tx/0xcd157ff73439e20903a8573ef2a280571a... Here is the artist’s wallet https://etherscan.io/address/0x4de5ae339b406a8cd5037e9138a62e86aa5352ef https://etherscan.io/address/0x4de5ae339b406a8cd5037e9138a62... I just picked a random entry, I don’t know this piece or artist. There are a lot of examples easily found on the major markets (opensea is one such market)
kranke155 4y ago
Most markets allow you to set royalties for your NFT. I know Versum, Hic et Nunc, pretty sure Opensea. Almost certainly Foundation and Nifty and all the others must do it too?
wegfawefgawefg 4y ago
web3 dev here. nft contracts are turing complete. you can put whatever code you want in them. usually people inherit the openzeppelen base nft contract which doesnt have royalties turned on by default (perhaps new version has the functionality already implemented. but you can (and its not that uncommon) to go in the ownership transfer function and add a fractional fee that either goes to the contract host or a creators address. its very very trivial to do. and ive seen it a zilion times. 3 lines of code. if ur a coder go check out the openzeppelin nft contract and find the function used for transfer of ownership. and look up the "payable" and payment functionality in solidity. if not then youll never understand what im saying anyways hahahaha. base concept though is correct. royalties are contractual, settable, and enforced by the contract. no way around them when theyre there

seibelj 4y ago

https://opensea.io/collection/nickelodeon-rugrats-heyarnold-eth https://opensea.io/collection/nickelodeon-rugrats-heyarnold-... My company is one of the largest NFT companies. This is one of our projects. Millions of dollars in secondaries on OpenSea and our hosted marketplace at https://Nickelodeon.xyz/ https://Nickelodeon.xyz/ We collect all royalties and remit payment to the rights holders which include all artists and creators with residuals on Rugrats, of which there are many. They get their check quarterly along with all the other payments (movies, tshirts, video games, etc.) This isn’t exactly rocket science

polygamous_bat 4y ago
So, are you saying that you run a centralized third party that is charged with collecting the royalties and passing it on to the artists? Because nowhere in the ERC-721 standard is there a way to differentiate between a "sale" and a "transfer between wallets". So tell me, please, exactly how "blockchain" is bringing "decentralization" to the art field. I am all ears.
- seibelj 4y ago
  A sale happens in a marketplace. Marketplaces collect royalties and forward them to the address specified. We are indeed a centralized player, just as all NFT creators are centralized entities (i.e. people) but the assets trade on decentralized networks. I think you have a fundamental misunderstanding of how all of this works and have a sneering, dismissive affect because this is something you don’t understand embraced by people who don’t care what you think.
  - kareemsabri 4y ago
    So if they don't use your marketplace are the royalties not collected?
    - seibelj 4y ago
      There is an Ethereum protocol standard (similar to RFCs in the internet context) that defines a standard for NFT royalties https://eips.ethereum.org/EIPS/eip-2981 https://eips.ethereum.org/EIPS/eip-2981 FYI I am an author of this standard. It is widely supported across the ecosystem https://royaltyregistry.xyz/ https://royaltyregistry.xyz/ My company doesn’t care where our NFTs travel or trade on. We get our royalty regardless.
      - polygamous_bat 4y ago
        > The royalty payment must be voluntary, as transfer mechanisms such as transferFrom() include NFT transfers between wallets, and executing them does not always imply a sale occurred. So how is this an improvement over what we have right now? If the buyer and the seller may wish to do so, out of the goodness of their hearts, they can always send part of their sale price to the artist. So why are NFTs necessary in any way, if you cannot programmatically enforce it? (And you never can, the reason of which you already know: if I wish to do so I can make a transfer between my two wallets and a sale look exactly the same.) At which point do these selective, and potentially intentional misleading claims about NFTs go from ignorant to fraudulent? Especially when you may stand to earn a lot by making people believe in your misleading claims?
- jonnydubowsky 4y ago
  The Rarible exchange contract supports all kinds of external royalty interfaces, among them two that Rarible defined themselves, being an early player in the NFT space: https://hackernoon.com/enabling-nft-royalties-with-eip-2981 https://hackernoon.com/enabling-nft-royalties-with-eip-2981 ERC721, 1155 & 2981 together act as a toolkit for the encoding of royalty administration. For example, if an NFT collection owner only implemented one of Rarible’s royalty distribution schemes mentioned above, another marketplace that’s not aware of that interface can simply call the common registry’s getRoyaltyView function. It tries to query all known royalty interfaces on the token contract and translates any response to a commonly useable result. Collection owners who haven’t put any royalty signaling scheme into their contract can deploy an extended “override” contract and register it with the common registry. This registration method will ensure that only collection owners (identified by the owner public member) can call it The Rarible exchange contract supports all kinds of external royalty interfaces, among them two that Rarible defined themselves, being an early player in the NFT space: For example, if an NFT collection owner only implemented one of Rarible’s royalty distribution schemes mentioned above, another marketplace that’s not aware of that interface can simply call the common registry’s getRoyaltyView function. It tries to query all known royalty interfaces on the token contract and translates any response to a commonly useable result. Collection owners who haven’t put any royalty signaling scheme into their contract can deploy an extended “override” contract and register it with the common registry. This registration method will ensure that only collection owners (identified by the owner public member) can call it ```function royaltyInfo(uint256 _tokenId, uint256 _salePrice) external view returns (address receiver, uint256 royaltyAmount);``` The interface also completely works off-chain, so marketplaces that trade assets on alternative infrastructure can still query the creator fee without knowing anything else besides the interface signature of the EIP-2981 method. PaymentSplitters: Sending NFT Royalties To More Than One Receiver. Open Zeppelin's PaymentSplitter primitive allows setting up individual split contracts that keep funds safe until their payees claim them, and their receive function requires the bare minimum of gas to run. NFT collection builders can create an inline PaymentSplitter containing the wanted list of beneficiaries and their respective share amounts and let their EIP-2981 implementation yield the address of that split contract.

wanderingbort 4y ago

Sure, look at the last sale for this piece https://opensea.io/assets/ethereum/0x495f947276749ce646f68ac8c248420045cb7b5e/35233899613917287999995695780431454149318013369249442495160295925926890307585 https://opensea.io/assets/ethereum/0x495f947276749ce646f68ac... The artist got 0.21 ETH in the transaction despite not actually having a direct role in the sale. Here is that sale transaction https://etherscan.io/tx/0xcd157ff73439e20903a8573ef2a280571a615239760a77fc19da64b66b2cc881 https://etherscan.io/tx/0xcd157ff73439e20903a8573ef2a280571a... Here is the artist’s wallet https://etherscan.io/address/0x4de5ae339b406a8cd5037e9138a62e86aa5352ef https://etherscan.io/address/0x4de5ae339b406a8cd5037e9138a62... I just picked a random entry, I don’t know this piece or artist. There are a lot of examples easily found on the major markets (opensea is one such market)

kranke155 4y ago

Most markets allow you to set royalties for your NFT. I know Versum, Hic et Nunc, pretty sure Opensea. Almost certainly Foundation and Nifty and all the others must do it too?

wegfawefgawefg 4y ago

web3 dev here. nft contracts are turing complete. you can put whatever code you want in them. usually people inherit the openzeppelen base nft contract which doesnt have royalties turned on by default (perhaps new version has the functionality already implemented. but you can (and its not that uncommon) to go in the ownership transfer function and add a fractional fee that either goes to the contract host or a creators address. its very very trivial to do. and ive seen it a zilion times. 3 lines of code. if ur a coder go check out the openzeppelin nft contract and find the function used for transfer of ownership. and look up the "payable" and payment functionality in solidity. if not then youll never understand what im saying anyways hahahaha. base concept though is correct. royalties are contractual, settable, and enforced by the contract. no way around them when theyre there