The founder of Bored Ape Yacht Club has weighed in on the ongoing nonfungible token creator royalties debate and shared a potential path forward that they believe best deals with the issue.
on royalty enforcement, which Aronow said shows its intent “to move with the rest of the herd and remove creator royalties for legacy collections from their platform,” and opined this move was “not great,” adding:
In response, the BAYC founders proposed a model for NFT royalties that uses “allow lists” coded into an NFT collections smart contract, which permits NFT trading between regular wallets but only allows NFT trading for “marketplaces that respect royalties.” Regular wallets would have transfer requests allowed, while transfers initiated by smart contracts are checked against “an oracle of contracts that are known to respect royalties,” with the requests approved if a match is found.
“To start with, there are only a handful of known good actors today. Starting the allowlist is easy–just add those couple marketplaces that pay creator fees. Done.”
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