This week’s featured collector is Akkileish

Akkileish’s collection is a pastiche of styles ranging from Wild West figures to cyberpunk characters, highlighting a blend of historical and futuristic themes. The collection features techniques ranging from stark monochrome to vivid neon, suggesting an appreciation for aesthetic complexity. Check it out at lazy.com/akkileish

The results of last week’s poll: How frequently do you seek out news and updates on NFTs?

A significant majority, 44%, reported they rarely seek out news about NFTs. A notable minority, 31%, report doing so a few times a week, suggesting an enduring but not daily interest. Only 6% check daily, which points to a smaller core of highly engaged individuals. The absence of any respondents who check multiple times a day could imply that Lazy users do not see the NFT market and/or news cycle as warranting constant attention. The results of this poll suggest that the NFT community has varied levels of engagement, with a substantial portion not actively seeking frequent updates, which could reflect the ongoing NFT bear market or a preference for less frequent, substantial news over constant, incremental updates.

Frame: A Royalty-Focused NFT Blockchain is Launched

Two weeks ago, we covered the launch of RARI Chain, an NFT-focused blockchain that promises to mandate royalties. This week, Frame, a second NFT blockchain designed to protect creator royalties has been launched.

Frame is a Ethereum Layer 2 engineered to prioritize NFT transactions with an emphasis on cost efficiency and speed. Central to Frame is the integration of Palette Protocol, a system purpose-built to administer NFT royalties.

With Palette Protocol, Frame aims to ensure enforcement of NFT royalties. Additionally, Frame will allocate a portion of the fees generated by the blockchain to the Frame Creator Fund, an initiative designed to support and bolster the creative community within its platform, with details on its implementation and governance yet to be disclosed.

With RARI Chain and Frame now in the wild, the battle to become a home for NFT royalties is heating up. Will there be a third contender? Time will tell. In any case, it is increasingly looking like NFT-specific blockchains will be a key component of the next wave of NFT innovation.

China Strategizes to Lead in Web3 Era by Embracing NFTs

A recent statement by China’s Ministry of Industry and Information Technology suggests the country is advancing efforts to develop and integrate Web3 technologies, with a special focus on the NFTs. The statement argues that China’s approach to Web3 development places significant emphasis on exploring NFTs, as part of its broader strategy to embrace blockchain technologies. This exploration extends to various sectors such as healthcare, education, and tourism, where NFTs are anticipated to play a critical role. Meanwhile, companies are actively contributing to this development, launching digital collectibles and Metaverse-related products that integrate NFT technology.

Until now, China has not played a major role in the global NFT ecosystem. However, if this statement is to be believed then that may be changing in the years ahead.

This week’s poll: How significant do you think China’s impact will be on the global NFT market in 2024?

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This week’s featured collector is NFTFox

NFTFox’s collection showcases a dynamic blend of themes, from the intense spectacle of a fiery explosion to a nostalgic, graffiti-style nod to classic video games, and surrealistic portrayals. Each piece in their collection captures the essence of NFTs: unpredictable, culturally rich, and boundlessly creative. Check it out at lazy.com/nftfox

The results of last week’s poll: What do you think about the RARI Chain’s approach to NFT royalties?

The poll results reflect a mostly positive opinion on the RARI Chain’s approach to NFT royalties, with the most significant share of respondents, each at 36%, viewing it as an “Innovative approach” and “Good for artists,” indicating a majority perception that this royalty-mandatory blockchain could be a groundbreaking and beneficial solution for creators. In contrast, only 9% of the participants doubt its potential to become widely accepted, marking it as “Won’t catch on.” A equally small proportion, another 9%, admit to uncertainty, selecting “I’m not sure,” which suggests a need for more information or clarity on the subject. Lastly, the “Something else” option, also at 9%, points to the presence of alternative perspectives or considerations not captured within the poll’s provided choices. Based on this informal poll, it looks like RARI Chain could be onto something.

Where do you get your NFT news? Here are some of our favorite sources.

Navigating the complex and nuanced world of NFTs requires access to current, credible news sources that can keep you up to date with the ever changing intricacies of this digital asset class. For enthusiasts, creators, or stakeholders, it is important to understand the subtle shifts in narratives, legal frameworks, and the technological underpinnings of NFTs.

This week we’re delving into some our favorite sources of news about NFTs.

News Aggregators: OnePageCrypto and LuckyTrader

OnePageCrypto.com is a news site that does exactly what the domain name describes: an ultra-efficient one page website that aggregates news from across the crypto ecosystem, including NFTs. This is a relatively new website and one that we will be keeping tabs on. Another favorite is LuckyTrader.com which features original content about digital assets.

Telegram: NFTek News and NFT Avenue

Telegram is often the place to go for real time updates on NFT news. There are many different channels worth checking out. Two of our favorites are NFTek News for news and NFT Avenue for chat.

Crypto-Native App: Farcaster.xyz

If you’re open to trying something new then give Farcaster a chance. Many well known people in the crypto ecosystem use the app. And because it is still relatively unknown, there are a lot fewer bots and spam.

This week’s poll: How frequently do you seek out news and updates on NFTs?

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This week’s featured collector is CryptoJack2

CryptoJack2 has a diverse, and large, collection of Ethereum NFTs. Lots to see and appreciate here: lazy.com/cryptojack2

The results of last week’s poll: What initially drew you to NFT collecting?

Last week’s poll underscores that what drew most people into the NFT ecosystem was the appreciation of digital artistry. Community and financial speculation were tied for the second most reason people joined. The modest yet notable interest in blockchain’s technical side points to opportunities for innovation and education in this space. Collectively, these insights hint at a multifaceted NFT market where artistic merit, community ties, and economic potential coalesce to attract collectors.

Rarible Launches Royalty-Mandatory Blockchain

The RARI Foundation is launching RARI Chain — an Ethereum compatible blockchain that leverages Arbitrum to offer a royalty guaranteed infrastructure for NFTs. The blockchain will be unique because it embeds royalty enforcement within the architecture of its nodes—if trade don’t pay the royalty then the transaction will fail. The goal is to provide a secure and reliable method for NFT creators to receive compensation.

How Royalties Will Work on RARI Chain

Central to RARI Chain’s royalty system is the EndTxHook feature, which validates royalty payments post-transaction. If the transaction does not honor the stipulated royalties, it is automatically reversed. An NFT sale on RARI Chain is defined as a transfer of NFTs for ETH or ERC20 tokens, confirmed via transaction logs. In other words, the blockchain will automatically scan transactions to determine if an NFT was bought or sold and, if so, it will require royalties to be paid for the transaction to be approved.

Most interesting is that NFTs can be bridged to RARI Chain. This will allow creators and collectors to voluntarily transfer their NFTs to a royalty respecting blockchain.

Final Thoughts

The RARI Chain’s approach to embedding royalty enforcement within its blockchain architecture sparks two contrasting perspectives.

On one hand, it can be seen as a step forward in ensuring artists and content creators are fairly compensated for their work. This could potentially lead to a more sustainable and equitable ecosystem in the NFT space, encouraging more artists to participate.

Conversely, some may argue that this rigid enforcement of royalties could stifle the secondary NFT market. The mandatory royalty system might dissuade collectors and traders from engaging with NFTs on the RARI Chain, or bridging their NFTs, fearing additional costs and complexities. This could limit the liquidity and market reach of NFTs on RARI Chain, potentially impacting their overall value and appeal.

Ultimately, the RARI Chain approach only works if users flock to it.

Time will tell whether RARI Chain will take off. But it is clear that the royalty debate is far from finished as more and more novel solutions are being proposed.

This week’s poll: What do you think about the RARI Chain’s approach to NFT royalties?

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This week’s featured collector is Need1892

Need1892 has several NFTs commemorating Ethereum’s blockchain and technology. One of the NFTs that caught our attention is the Proof of Stake: Pages, an NFT that celebrates the publication of a book by Vitalik Buterin. Browse the full collection at lazy.com/need1892

The results of last week’s poll: What future NFT development are you most eager to see?

There’s a significant interest (40%) in NFTs becoming commonplace digital assets, reflecting a desire for broader adoption and integration into daily life. Physical-digital art hybrids are also a notable area of interest (25%), suggesting that the blending of tangible art with blockchain verification is an appealing prospect for ensuring authenticity and ownership. The evolution of royalty structures has garnered less attention (10%), which may indicate satisfaction with current models or perhaps a lack of faith that something better is possible. Finally, ‘Something else’ has a substantial 25% of the votes, pointing to a desire for innovations beyond the given options.

Sky Mavis Grants Select Axie Infinity NFT Holders Commercial Rights Amid Official Merchandise Launch

Sky Mavis, the creator of the turn-based game Axie Infinity, has extended commercial rights to a select group of its NFT holders, enabling them to create and sell merchandise and content based on their digital assets. This applies to 4,877 NFTs from the Mystic and Origin collections, signaling a careful approach to empowering users commercially while maintaining brand integrity. Coinciding with this development, Sky Mavis launched an official merchandise store offering a variety of products tied to the Axie Infinity brand, strategically timed for the holiday season. Yet, this commercial allowance pertains to only a small fraction of the total NFTs—a mere 0.04% of all Axie NFTs—indicating a tentative exploration into the potential of decentralized NFT commercialization.

Cool Cats NFT Collection Floats in the 2023 Macy’s Thanksgiving Day Parade

Cool Cats NFTs appeared in the 2023 Macy’s Thanksgiving Day Parade in the United States. This marks the first time an NFT collection has appeared in the celebrated parade. The inclusion of Cool Cats comes after their victory in Macy’s online contest, which offered NFT brands a spot in the historic event. Further evidence that NFTs continue to make inroads into mainstream culture.

This week’s poll: What initially drew you to NFT collecting?

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This week’s featured collector is Rainster

Rainster’s collection focuses on Ethereum NFTs. They’ve collected a few interesting artworks including a portrait of Beeple and animated Glitch NFTs. Browse the full art collection at lazy.com/rainster

The results of last week’s poll: How significant do you think the role of NFT utility trading will be in the future of NFT marketplaces?

Last week’s newsletter featured a new marketplace for NFT utility. We then asked our readers to predict how important NFT utility trading will become in the future. The results were mixed and suggest a cautiously optimistic view, with a slight majority considering NFT utility trading to be a major player in future marketplaces, while a significant minority are either uncertain or foresee a lesser impact.

Beeple on the Future of NFTs: Evolution and Adoption

Mike Winkelmann, known professionally as Beeple, is a digital artist who has become one of the most prominent figures in the world of NFTs in 2021 with his record-breaking $69 million sale of an NFT at Christie’s auction house. Beeple’s work has since been synonymous with the explosive growth and interest in NFTs as a new medium for digital art ownership and collection.

In a recent talk with Matt Medved, co-founder and Editor-in-Chief of NFT Now, Beeple discussed the evolving landscape of NFTs and digital art. Here are a few of the main insights into the evolving NFT space which will be of interest to collectors and creators:

1. Digital Art’s Evolution: Beeple shares his vision of integrating digital and physical art. He talks about how digital art can be more actively experienced in one’s environment, similar to traditional art, creating a stronger emotional connection. For creators, this highlights the potential for hybrid artworks that engage audiences across multiple dimensions, and for collectors, it suggests the value in seeking out works that offer such a dual experience.

2. NFTs as a Reflection of Internet Culture: Beeple discusses his “Everydays” series, likening it to a form of political cartooning for internet culture, documenting the zeitgeist. This approach suggests that NFTs can serve as historical records, offering collectors the opportunity to own pieces of digital history and creators a chance to contribute to the cultural narrative.

3. Conceptual and Technological Challenges: Beeple acknowledges the challenges of the NFT term becoming associated with scams and suggests that the technology will need time to mature and be understood. He believes that future generations will naturally understand the concept of virtual ownership, which suggests a long-term perspective on the value of NFTs.

4. Creator Royalties and Market Evolution: Addressing the contentious issue of creator royalties, Beeple argues for realistic expectations, drawing parallels with the music industry. He posits that the NFT ecosystem’s development will require both technological and social solutions, and he calls for a community-driven approach to uphold the values behind NFTs, such as ongoing creator compensation.

Overall, the talk points to a need for patience, innovative thinking, and community-focused efforts to navigate the NFT landscape, emphasizing both the medium’s current state and its potential to reshape the art world.

Watch the full interview here.

This week’s poll: What future NFT development are you most eager to see?

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This week’s featured collector is GirthFingers

GirthFingers has a large collection of NFTs ranging from art to pfps. Lots of great pieces make the collection worth a look. Check it out at lazy.com/girthfingers

The results of last week’s poll: Is the recent spike in NFT trading volume a sign of a sustained market recovery, or just a temporary surge?

Nearly half of respondents to last week’s poll think the bear market for NFTs may finally be coming to an end. A third remain more cautious. We’re keeping our fingers crossed! 🤞🏽

The Future of NFTs in Art, Gaming, and Marketplaces

In the realm of art, NFTs challenge traditional notions of ownership and distribution, raising questions about the value and provenance of digital art. In gaming, they offer innovative ways to handle in-game assets, but also introduce complexities around player economies and game design. Marketplaces for NFTs are evolving too, going beyond trading NFTs as collectibles to trading the underlying utility that the NFTs represent.

This week we’re exploring a few of the recent advances that NFTs have made in these three fields.

Delegate’s New Marketplace: A Step Foward for Buying and Selling NFT Utility

Delegate.xyz has unveiled a marketplace that revolutionizes the trading of NFT utility. This platform differs from traditional NFT marketplaces: instead of buying and selling NFTs, Liquid Delegate allows the tokenization and exchange of the NFT’s utilities. For example, if an NFT grants event access or premium merch claims to its owners, then these rights can be bought without buying the underlying NFT.

Here’s how it works:

1. Users deposit NFT asset into escrow

2. Users receive a “Principal Token” (representing ownership of the NFT) and a “Delegate Token” (for trading the utility rights of the NFT)

3. Users can sell the Delegate Token while maintaining ownership of the Principal Token.

Implications for NFT Holders and Traders:

• For Holders: An opportunity to monetize their NFTs’ utility without risking the underlying asset.

• For Traders: A chance to speculate on the future value of NFT utilities, potentially benefiting from events like airdrops.

The Hot Potato on NFT Twitter: A Blend of Art and Game Mechanics

Vincent Van Dough’s creation of a “hot potato” NFT has stirred a unique blend of art and interactive gameplay within the NFT community. The game, requiring the NFT to be transferred every 24 hours, showcases a dynamic interplay of social engagement and performance art. Now players are wondering: how many consecutive days will the game be played before the potato is destroyed?

Elements of Interest:

• Community Involvement: The game has engaged various prominent figures in the NFT space.

• Artistic Merit: The hot potato NFT connects to the roots of crypto art, reflecting on the medium’s potential for creative expression and communal interaction.

• Social Media Dynamics: The game has generated a substantial amount of creative content, humor, and community bonding, which is especially welcome during the ongoing NFT bear market.

Ubisoft’s Foray into Ethereum NFTs with ‘Champions Tactics’

Ubisoft, known for major gaming titles such as Assassin’s Creed, is embracing blockchain technology with the introduction of Ethereum NFTs for its upcoming game, ‘Champions Tactics’. This move reflects a growing trend of established gaming companies exploring the potential of NFTs and blockchain in gaming.

Highlights:

• Free NFT Minting: Ubisoft plans a free NFT mint for ‘Champions Tactics’, requiring only Ethereum gas fees.

• Warlords PFPs: These pixel-art NFTs (a throwback to the early days of Ethereum NFTs) offer early access to game features and are part of a larger strategy to integrate NFTs into the gaming experience.

Final Thoughts

While mainstream attention may have moved on (temporarily) from NFTs, the technology and culture continues to build. This week’s developments highlight the evolving landscape of NFTs, where utility, artistic expression, and gaming experiences are becoming increasingly intertwined.

This week’s poll: How significant do you think the role of NFT utility trading will be in the future of NFT marketplaces?

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This week’s featured collector is Cyericlee

Cyericlee has a stellar curated collection of Ethereum NFTs, including a Bored Ape along with Gutter Cats. Check it out at lazy.com/cyericlee

The results of last week’s poll: Which blockchain do you think will have the most NFT sales in November?

The results of last week poll indicate that a near majority of respondents, 44%, believe Ethereum will lead in NFT sales in November, reflecting its established position in the NFT market. Bitcoin, with 22%, is considered the second most likely, suggesting a growing interest in its NFT capabilities. Surprisingly, 8% of respondents anticipate a different blockchain altogether leading in sales, pointing to the possibility of emerging or less mainstream platforms gaining traction.

NFTs in Pop Culture and Gaming: A Look at Recent NFT Trends

The NFT world, ever dynamic and interwoven with popular culture and technological advancements, has recently experienced a series of promising developments. Let’s explore this week’s main events and their potential implications for NFT collectors and enthusiasts.

The Simpsons’ Satirical Nod to NFTs

The iconic TV show “The Simpsons” recently aired a Halloween episode humorously featuring NFTs and Web3. The segment, “Wild Barts Can’t be Token,” where Bart Simpson becomes an NFT, has been well-received in the NFT community, sparking a flurry of memes and creative responses.

The episode inspired the creation of NFTs like the free-to-mint Springfield Punks collection and rekindled interest in Simpson-themed NFT derivatives. The episode is seen as good news for the NFT community as it underscores how NFTs have permeated mainstream culture, ultimately leading to broader acceptance and understanding.

Square Enix Enters the NFT Gaming Arena

Square Enix, known for creating “Final Fantasy,” is launching “Symbiogenesis,” an NFT-based game on the Ethereum and Polygon networks. This move breathes new life into the hope of a major shift in the gaming industry towards integrating blockchain technology.

The game’s launch involves an allowlist campaign via Discord, encouraging community engagement and participation. This method of distribution and interaction could set a precedent for future NFT-based games.

Square Enix’s venture into NFT gaming is the latest in a larger trend among traditional gaming companies who are exploring blockchain and NFTs because of its potential to transform how digital gaming assets are valued and traded.

Yuga Labs Co-founder’s Spending Spree

Wylie Aronow, aka Gordon Goner, of Yuga Labs recently embarked on a significant NFT buying spree, investing over $1.5 million in various collections. This move has been seen as an attempt to inject momentum into the NFT market. Moreover, by investing in a range of NFTs, Aronow is not only diversifying his portfolio but also fostering connections with multiple NFT communities, strengthening the overall ecosystem.

Surge in NFT Trading Volume

Recent data shows a considerable jump in NFT trading volume, raising the question of whether the market is regaining its strength.

The 5x increase in volume from mid-October suggests a rebound in market activity, reflecting resilience and sustained interest in NFTs despite past volatility. This uptick might indicate a renewed optimism in the NFT space, but it’s essential for collectors and investors to remain cautious and informed, as the market is known for its rapid fluctuations.

Final Thoughts

The NFT landscape is continuously evolving, influenced by cultural phenomena, technological advancements, and the actions of key players. For collectors and investors, staying attuned to these developments is crucial for navigating the market effectively. While the recent surge in activity and interest is promising, the NFT market remains complex and unpredictable, requiring careful consideration and strategy.

This week’s poll: Is the recent spike in NFT trading volume a sign of a sustained market recovery, or just a temporary surge?

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This week’s featured collector is Nando

Nando has a fine collection of Ethereum, Solana and NBA Top Shots NFTs. With lots of interesting artworks, this is worth a look. Check it out at lazy.com/nando

Three Metrics Revealing the Current State of the NFT Market

The NFT market has been a rollercoaster of evolution and speculation over the past couple of years, and understanding its current dynamics is essential for collectors, investors, and enthusiasts alike. Recent data provides us with some intriguing insights. Let’s delve into these points:

1. A Lack of Unique Daily NFT Buyers:

While there has been a slight improvement in NFT prices recently, the number of unique daily NFT buyers on Ethereum is trending lower.

2. The Ebb and Flow of Total NFT Marketcap:

The NFT market cap currently stands at a significant 2.63M ETH (~$4.8B). However, putting this in perspective, the market cap had once touched $3T in November 2021, which is about 637 times today’s value. This vast difference can be attributed to multiple factors:

• ETH Price Volatility: A substantial portion of the decline can be pinned on the fluctuations in ETH prices. As NFTs are often priced in ETH, a decrease in the value of ETH can lead to a proportionate drop in the NFT market cap.

• Market Maturation: The initial NFT bull run was a period of extreme exuberance. As with many novel technologies and markets, there’s often a cycle of hype, followed by a correction and stabilization as the market matures.

3. Leading Blockchains in the NFT Realm (Last 24 Hours):

Understanding the blockchains that dominate the NFT sales volume is crucial as it provides insights into where most of the activity and innovation are occurring. In the last 24 hours, the top blockchains for NFTs were Ethereum, Bitcoin, Polygon, Solana and Immutable X.

In Conclusion:

The NFT landscape is ever-evolving and difficult to predict. Collectors should always keep an eye on the trends, as they provide valuable insights into the market’s direction and potential opportunities. Is there a particular metric that you follow closely? Let us know!

This week’s poll: Which blockchain do you think will have the most NFT sales in November?

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This week’s featured collector is Ferryirawan

Ferryirawan collects Solana NFTs, including Kami, Gapes and Angomon. Small collection with a nice range of art. Check it out at lazy.com/ferryirawan

With Bitcoin Surging, Many Are Wondering When NFTs Will Be Back.

The meteoric rise and subsequent cooling off of the NFT market exemplifies the volatile nature of new technologies, especially those at the intersection of art and finance. Beginning with Beeple’s $60 million digital painting sale at Christie’s in March 2021, NFTs briefly captivated global mindshare, promising a novel mechanism for owning digital art through blockchain technology. This frenzied period of hyper created a sense of scarcity and high investment potential, making “NFT” a buzzword.

However, as every NFT collector knows, the fervor among the mainstream has waned considerably. A significant portion of NFT collections have lost nearly all their value, and the market is now viewed skeptically in the media. Cases like the devaluation of Jack Dorsey’s first tweet NFT from millions to a mere $1,300 emphasize this sentiment. Despite the decline, some in the NFT community, especially those who invested cautiously, remain optimistic and are awaiting a market resurgence. Their hope is tethered to potential upticks in Bitcoin and Ethereum values—increases that we’re starting to see this week with Bitcoin—as well as advancements that make NFT transactions more user-friendly.

Some argue that the NFT market has bifurcated between high-profile collections, often treated as status symbols, and NFTs purchased for their aesthetic value. While the former dominated in transaction volume, both types suffered from inflated valuations.

Besides financial aspects, NFTs have also opened up enduring social dimensions. Communities on Discord servers have formed around specific NFT collections. Some see this “real utility” as a redeeming feature that could sustain the NFT market in the long term.

The consensus among NFT collectors is that it is too early to dismiss NFTs entirely. The technology is undergoing a correction but could easily return to demonstrate its transformative potential.

For a peek into the mood of the NFT community, check out this article in El Pais: ‘When are you getting the Lamborghini?’ This is how the NFT market is surviving after promising millions to its investors

This week’s poll: Are you feeling optimistic about the return of NFTs?

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This week’s featured collector is BrettsCollection

BrettsCollection is a multi-chain collection of NFTs with a focus on Ethereum, NBA Top Shots and Solana. Pretty cool to see the range of NFTs. Check it out at lazy.com/brettscollection

The Effort to Fix NFT Royalties Continues—Will It Succeed?

The Open Metaverse Alliance for Web3 (OMA3), a conglomerate of significant players in the blockchain, NFT, and metaverse communities, recently announced the formation of a specialized working group whose aim is to fix NFT royalties. The goal is to guarantee the enforcement of creator royalties within the NFT ecosystem. Among the participants are notable entities such as Yuga Labs, the force behind the Bored Ape Yacht Club, and Magic Eden, the multi-chain NFT marketplace.

What Happened to Creator Royalties?

Creator royalties are fees, generally ranging from 2.5% to 10%, imposed on the secondary sales of NFTs. These fees are meant to directly benefit the creators, acting as a continuous revenue stream. Though the concept was initially hailed as a cornerstone of the crypto ecosystem, offering artists a level of financial security absent in traditional art markets, its implementation has recently come under threat. Primarily because the downturn in the crypto market has emboldened NFT marketplaces to eliminate creator royalties in a bid to capture market share.

The Larger Stakes: Interoperability and the Metaverse

OMA3 contends that the erosion of creator royalties risks not only the integrity of the NFT space but also jeopardizes the long-sought goal of an interoperable metaverse—a cohesive online environment where user-owned virtual items can migrate freely between platforms. Robby Yung, CEO of Animoca Brands and a co-founder of OMA3, argues that royalties are essential for incentivizing creators to participate in such an open ecosystem. Without them, the communal sharing of content that makes the metaverse concept viable could break down.

Yung acknowledges the pervasive issue of NFT buyers opting for short-term financial gains, often to the detriment of long-term online sustainability. The challenge is to make the community aware of the hidden costs of prioritizing immediate profit over sustainable development. As Yung puts it, “Everything always has a cost. It just may not be self-evident up front.”

Composed of key industry players like Animoca, Yuga Labs, Magic Eden, Decentraland, The Sandbox, Alien Worlds, and Upland, the working group will focus on developing universal standards to protect creator royalties across NFT marketplaces. The aim is to formulate and enforce protocols that member companies agree to uphold.

Conclusion

The establishment of OMA3’s working group signifies an important juncture in the NFT and metaverse domains. As the sector grapples with how to balance economic viability with ethical and long-term sustainability, the outcomes of this group’s efforts may have far-reaching implications for creators, collectors, and the broader digital landscape.

For further details on this new initiative check out the in-depth article in Decrypt.

This week’s poll: Will efforts to guarantee NFT royalties succeed?

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