NFT platform KnownOrigin introduces smart contracts for artists
eBay-owned non-fungible tokens (NFT) marketplace KnownOrigin announced the launch of smart contracts for its artists on Thursday, February 16.
From February 24th until next week, all KnownOrigin authors who have been approved will be able to distribute and create work using their smart contracts. In addition, the new contracts will enable artists to share profits and collect royalties as co-creators.
The beta version of the Creator Contract was tested for the past three weeks, according to KnownOrigin. Almost 250 issues have been printed, and 84 contracts have so far been placed on the platform. Also, KnownOrigin revealed their collaboration with Deadfellaz. It said:
“As part of our exciting release, we’ve teamed up with @Deadfellaz to release ‘Draw The Undead Season 2’, which consists of official spin-off tracks. These are live on KnownOrigin from today and will be available for purchase from 24th February .”
Over the past few weeks, the creative community of KnownOrigin has been testing exciting new smart contracts for creators as part of beta. It has so far published 250 NFTs and distributed 84 contracts. In the future, NFT artists will be able to diversify their sources of income and receive royalties as co-creators.
As of February 24th, verified KnownOrigin producers can also distribute and mint NFTs on their own contract without having knowledge of distribution programming languages.
The acquisition of “KnownOrigin” at an undiscounted price was officially announced by eBay, the world’s largest online retailer, in June 2022.
Non-fungible token listings are now allowed on eBay’s purchased marketplace as of May 2021. Although businesses have yet to adopt blockchain technology to speed up transfers or cryptocurrency-based sales on the platform.
NFTs, KnownOrigin and eBay
In May 2021, eBay allowed direct listing of NFTs on their website. However, blockchain technology has not been incorporated by the business, so it cannot handle any transfers or cryptocurrency-based sales on the platform.
To receive NFTs off-platform, consumers were asked to use email or messaging on the platform during a May 2022 KnownOrigin airdrop.
The “digitally glitched” and flashing visual artworks in this NFT collection are well known. The collection’s total sales volume has also topped $2.56 million.
Since May 2021, eBay has allowed NFT listings on its marketplace. Blockchain technology has yet to be incorporated by businesses to facilitate transfers or cryptocurrency-based sales on the platform. Users had to use on-platform messaging or email to receive their NFTs during a May 2022 airdrop if they wanted to get them elsewhere. Currently, eBay does not support postings that request payments or transfers of cryptocurrency.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
