Thread by @sanchans

NFT Community – today, we announced the beta launch of CB NFT. We also want to highlight how we plan on supporting royalties for the #creators.

Here is our plan to support #creatorroyalties and how we plan to support them in partnership with @manifoldxyz.

🧵👇

1/First off, what are creator royalties and why are they important?

Creator royalties provide the creator of an NFT a percentage of the sale price each time the #NFT is sold. These percentages are determined by the creator and can be baked into smart contracts…

… Getting creator royalties right, meaning enabling creators to set their royalties and ensuring royalties are paid out on secondary transactions, is critical for preserving true creative ownership for creators.

2/ What is @Coinbase_NFT doing to support creator royalties?

We are partnering with @manifoldxyz to leverage their Royalty Registry in order to ensure royalties are handled seamlessly for you.

3/ The Royalty Registry aggregates royalties from the following standards: EIP2981, Manifold, Foundation, Rarible, SuperRare and Zora.

Creators with contracts that don’t support any of the common royalty standards can set an on chain override through the Royalty Registry.

...This will ensure that creators have their on-chain royalties configured so they are paid out on any secondary sales.

4/ Why are we doing this?
Royalties are not yet a resolved problem for our industry - every marketplace does it in their own way, thereby potentially locking out creators from future royalties.

...Instead of building a walled garden solution, we have decided to support an open standard for royalties. We believe this is the best way forward as the NFT space continues to grow and evolve. Coinbase will always prioritize supporting open standards...

... and best practices that drive the entire industry towards decentralization and creator empowerment.

5/ What should you do to ensure royalties are delivered to you?

All NFTs that are sold on @Coinbase_NFT will honor the royalties associated with that NFT via the Royalty Registry, EVEN if the NFT was not minted on @Coinbase_NFT.

…If you are a creator, please follow the instructions in this help article to set up royalties for your NFTs as soon as possible - help.coinbase.com/en/nft/sellers…

6/ We are in beta launch right now - and this is our first step in ensuring that we continue to honor creator royalties. However, we recognize that there is a lot more to do for the NFT creators to succeed with royalties in this space...

...we are going to continue to innovate in this space and add more features over time to make it seamless for any creator to earn royalties.

🙏🙏 #coinbasenft #NFT

Sorry about the link - it might not be working for all. Let’s try this one - help.coinbase.com/en/nft/start/r…