Quick take:
- Exchange.Art was originally built for artists facing the lack of royalties in the fine art world.
- Creators can choose which secondary marketplaces their NFTs can be listed on through Exchange.Art’s “allow list”.
- This allows creators to earn royalties perpetually as their NFTs change hands.
Solana-based fine art NFT marketplace, Exchange.Art, has launched its very own “Royalties Protection Standard” amid the ongoing debate surrounding zero or optional royalties that some marketplaces and NFT projects like DeGods have adopted.
The platform’s newly created Royalties Protection Standard will ensure creators receive royalties on secondary sales of NFTs originally minted on the marketplace, Coindesk first reported.
Alex Fleseriu, CEO of Exchange Art, told CoinDesk that the platform was originally built for artists who are already facing the lack of set royalties in the fine art world, and remains motivated to help artists earn their deserved share in Web3.
Fleseriu said that the Royalties Protection Standard is an opt-in program that prevents creators’ works from being “force listed” on secondary marketplaces where royalties are not honoured. He added that the platform is responsible for building the tools that creators need to earn a living.
Creators who have opted into the program can choose which secondary marketplaces their NFTs can be listed on via Exchange.Art’s “allow list”, enabling creators to earn royalties perpetually as their NFTs change hands.
While platforms such as X2Y2, Magic Eden and LooksRare have switched to optional royalties structure – with LooksRare sharing a 25% protocol fee with creators – others like Exchange.Art and MOOAR are bucking the trend with royalty policies that ensure creators are paid their dues.
MOOAR, the NFT multi-chain NFT marketplace on Solana and Ethereum launched by STEPN parent company Find Satoshi Labs, has a royalty policy of 0.5 -10% with a 2% default when a collection is minted.
Speaking to Coindesk, Fleseriu explained: “We want to shift [the space] from value extraction to value creation, because there is room for this market to grow enormously…more and more creators are being onboarding to Web3 every single minute, but we have to treat them with respect.”
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