Limit Break Introduces Creator Token Contracts
Limit Break CEO Gabriel Leydon announced the introduction of creator token contracts as a solution for enforceable on-chain royalties and programmable royalty contracts.
❗ Why It Matters
Projects can utilize the Creator Token Contract, ERC721-C, to control the transfer of NFTs between wallets, and it's designed to enforce royalties and ensure NFT creators are paid for their work.
ERC721-C eliminates workarounds and makes on-chain royalties enforceable through the use of transfer security policies that allow creators to decide how permissive token transfers are for their own collections, which will open the door to new forms of royalties that can reward both creators, communities, partners, and affiliates.
Limit Break is open-sourcing a new augmentation to the ERC721 standard, ERC721-C (C for Creator).
- Programmable royalties contract V1.1: On-chain royalty settings on a per NFT basis capable of programmable payments, splits, derivatives, and more. For example, the original minter of an NFT could theoretically receive 100% of the royalties from that individual NFT in perpetuity.
- Smart contract whitelisting options and capabilities: Developers have the option to control which smart contracts can interact with the NFT. This will allow developers to permanently block any exchange or smart contract so that there are no workarounds.
- Creator Token Contracts are compatible with various token types, including ERC721, ERC721-A, AdventureERC-721, and ERC1155.
- Limit Break open-sourced the Adventure ERC721 standard for community use, which offers hard and soft staking mechanics and parallel questing. Staking rules are implemented in one or more external adventure contracts for increased flexibility.
- Gabe added the disclaimer that Limit Break hasn't determined how it plans to use ERC721-C for its own NFT collections yet.
🎤 Founder Feedback
9/ Please note that while Limit Break is excited about the potential of the Creator Token Contracts and how they can transform the NFT ecosystem, we have not yet determined how we plan to use ERC721-C contracts within our own NFT collection. ✌🏻— Gabriel Leydon (FREE,OWN) (@gabrielleydon) May 9, 2023
🎬 Take Action
- Join Gabe later today on Twitter Spaces at 7:30 p.m. ET for the ERC721-C Programmable Royalties Discussion.
- Visit Limit Break's repository to learn about proper testing and integration into your platform with comprehensive guides and examples.
- Reach out to email@example.com with suggestions and feedback.
🧠 Learn More
- Limit Break Medium - Introducing ERC721-C: A New Standard for Enforceable On-Chain Programmable Royalties
- Limit Break Changing Royalty Game (January 10, 2023)
- Gabriel Leydon Teases 'Community Royalties' Coming in January (December 14, 2022)