Art Blocks recently unveiled its new NFT marketplace — a one-stop wonderland for all art collectors to peruse and swap non-fungible tokens (NFTs) from a medley of creative collections. One of the platform’s major perks include enforcing creator royalties — and a nice chunk of change.
Quick Takes:
- Art Blocks launches an NFT marketplace as a one-stop shop for art collections as an extension of its existing platform.
- The NFT marketplace will eliminate fees for secondary transactions, and artists can receive their desired royalty rates.
- Creators can also showcase their artworks pre-minting, creating them using custom algorithms on the Ethereum blockchain to create unique generative artworks.
Advantages of Art Blocks’ Secondary Marketplace
Since Art Blocks launched in November 2020, the generative art NFT platform has amassed more than $1.4 billion in secondary market sales. Most of these sales were made on the iconic secondary NFT marketplace, OpenSea. But, to ensure that Art Blocks reaps all of the benefits it sows, the generative art platform is integrating its very own secondary marketplace into its existing platform.
Yesterday, Art Blocks shared the good news about its new integration on Twitter:
Unlike OpenSea and Blur (which make royalties optional for traders (with a minimal 0.5% baseline)) ArtBlocks has a royalty setting whereby artists can receive the amount they desire (typically around the 5% to 10% range). The CEO of Artblocks, Erick “Snowfro” Calderon, has always advocated the need for creator royalties in the NFT space. Finally, he is putting his beliefs to fruition.
Moreover, the generative art platform’s secondary marketplace extension will allow artists to present their creations before minting. Thereby, creators can showcase their work without directing attention to secondary platforms.
Another advantage includes artists being able to deploy and create custom-designed algorithms on the Ethereum blockchain. This makes them easily able to develop state-of-the-art generative artworks. One of the most famous examples is “Fidenza” by Tyler Hobbs, which sold for a whopping $17 million.
Art Blocks new marketplace also does not charge fees for secondary transactions, which other secondary marketplaces are guilty of doing.
Overall, buyers can confidently invest in genuine pieces by authenticating artworks sold on Art Block’s new secondary marketplace. Artists can also finally receive the royalty payments they are entitled to without having to pay unwanted fees as a consequence.
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