To print this article, all you need is to be registered or login on

According to a recent press release, a major U.S. financial
services firm has partnered with a major cryptocurrency exchange to
launch an NFT auction for fans of the FIFA World Cup Qatar 2022.
The initiative will reportedly feature digital art designed using
an algorithm and “inspired by iconic goals from five
legendary footballers.” The experience will become immersive
later this month, when fans will be able to create their own
“digital art inspired by their own signature movements”
and mint the art onto their own NFT.

This week, NFT marketplace OpenSea reportedly unveiled a new
onchain tool that will facilitate enforcement of royalties. The
tool, described in an OpenSea blog post as a “simple code
snippet,” is intended to allow NFT creators to enforce fees
onchain on an opt-in basis and block their NFTs from being listed
on marketplaces that do not support creator fees. The tool is
available only for new, not-yet-existing NFT collections, a
decision that reportedly left some users feeling like there is
“no plan and [there are] no clear answers [regarding]
existing collection and artist’s royalties.”

Last week, Solana-based NFT marketplace Exchange.Art announced a
“Royalties Protection Standard” that reportedly
“will enforce creator royalties on secondary sales of NFTs
that originally mint on its platform.” According to reports,
the new standard is an opt-in program that the marketplace designed
to allow NFT creators to choose which secondary NFT platforms may
feature their NFTs and to prevent “creators’ work from
being ‘force-listed’” on marketplaces that
don’t enforce NFT royalties.

In a related development, an Ethereum layer 2 NFT platform
recently announced the release of its “community-governed
whitelist and blacklist for smart contracts that honor royalty
fees.” The feature reportedly allows NFT creators to use the
lists to control smart contracts that deploy their NFTs without the
help of a third-party exchange, and may be used to limit the
transferability of NFTs through the tool’s royalty-respecting
smart contracts.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Technology from United States

Virtual Currencies Comparative Guide

Bull Blockchain Law LLP

Virtual Currencies Comparative Guide for the jurisdiction of United States, check out our comparative guides section to compare across multiple countries

2022 NFT Litigation Roundup

Foley & Lardner

The emergence of non-fungible tokens (NFTs) has spawned novel legal and regulatory considerations, spanning intellectual property rights, the potential classification of NFTs as securities…

The “Blueprint For An AI Bill Of Rights”

Arnold & Porter

More and more, artificial intelligence and other automated systems make decisions affecting our lives and economy. These systems are not broadly regulated in the United States…

Source link

Avatar of admin

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *