• eBay-owned NFT marketplace KnownOrigin is launching creator smart contracts for its artists to share in profits and royalties.
• The Creator Contract beta has been used for a few weeks with 84 contracts deployed and 250 NFT editions minted.
• eBay purchased KnownOrigin in June 2022, allowing NFT listings on their direct marketplace since May 2021.
EBay’s KnownOrigin Introduces Creator Smart Contract
Ebay-owned non-fungible token (NFT) marketplace KnownOrigin is introducing creator smart contracts that allows the artists to share equally in profits and royalties. The new contract has been used for a few weeks, with 84 contracts deployed and 250 NFT editions already minted.
Background of KnownOrigin
KnownOrigin was founded in 2020 and has become well-known for its exclusive and supportive community of NFT developers and artists. Their collection includes “digitally glitched” artworks that have topped 1,523.78 Ether ($2.56 million). In June 2022, eBay purchased the platform without revealing the amount paid. This allowed them to offer NFT listings on their direct marketplace since May 2021, though they do not yet support cryptocurrency payments or transfers on the platform. Customers must instead use in-app chat or email to obtain their NFTs outside of the platform during an airdrop in May 2022.
Empowering Creators & Collectors
The goal of the Ethereum-based platform is to empower creators and collectors by giving them the ability to showcase, sell and collect unique, authenticated digital items according to co-founder David Moore. With this new smart contract feature, creators can deploy their work beginning February 24 without needing coding knowledge as it will be available on an automated basis once approved by KnownOrigin officials.
0% Marketplace Fee
In addition, KnownOrigin recently announced key changes such as 0% fee for both buyers and sellers on its marketplace plus improved access through wallets like MetaMask or Fortmatic which now allows users to buy crypto directly from within these apps when shopping at Knoworigin’s store with ease using credit/debit cards or Apple Pay without leaving the app window.
Popular Men’s Fashion Magazine GQ Launchs NFT Collection
Popular men’s fashion magazine GQ also launched their own Non Fungible Token (NFT) collection which consists of exclusive fashion pieces from famous designers such as Virgil Abloh, Joe Zee and others who have created special pieces that will only be available digitally via blockchain technology due to its immutable nature guaranteeing authenticity throughout time .