Gabriel Leydon Teases 'Community Royalties' Coming in January
Limit Break CEO and DigiDaigaku founder Gabriel Leydon teased a new 'Community Royalties' solution on Wednesday, scheduled for release in January.
🚨🚨🚨🚨🚨🚨🚨— Gabriel Leydon (FREE,OWN) (@gabrielleydon) December 14, 2022
Coming January 2023 a new concept for NFTs from @limitbreak.
While we are working on a royalty solution (among other features) for creators we are also creating a whole new concept for royalties:
The structure will allow for both the creator and previous collectors of the NFT to receive royalties — enforced on-chain through a smart contract, according to Leydon. The contract will also be open-source, allowing for adoption from other projects in the space.
"Just imagine getting a FREE NFT with baked in community royalties for the owners of the NFT," Leydon tweeted. "The whole space is going to change overnight."
Digital art marketplace SuperRare utilizes a similar concept with Artist and Collector Royalties. After the initial sale, a collector receives a 1% royalty payment following the first market transaction that they are not a part of (ex: Jeff mints a piece of art, then sells it — Jeff would receive a 1% royalty when the piece sells again). The royalty percentage decays by 50% each sale, and is funded out of the 3% network fee taken in each transaction.