Gabriel Leydon Teases 'Community Royalties' Coming in January

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Limit Break CEO and DigiDaigaku founder Gabriel Leydon teased a new 'Community Royalties' solution on Wednesday, scheduled for release in January.

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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:

Community royalties!
— Gabriel Leydon (FREE,OWN) (@gabrielleydon) December 14, 2022

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.

Author Bio

Ghost

Ghost is an NFT Analyst at Lucky Trader. He has been in crypto since 2017, and entered the NFT space via NBA Top Shot in January of 2021 before minting Bored Apes and degenning into the broader market.

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