The new contract allows artists to share in profits and royalties as equal partners.
eBay purchased KnownOrigin in June 2022 for an amount that was not revealed.
KnownOrigin, a marketplace for non-fungible tokens (NFTs) by the e-commerce platform eBay, is launching creator smart contracts for its artists. This is according to a tweet from the company’s official account on February 16. The new contract allows artists to share in profits and royalties as equal partners.
According to KnownOrigin, their Creator Contract beta has been in use for a few weeks. With 84 contracts deployed and 250 NFT editions minted. Creators on KnownOrigin who have been given the green light to deploy and mint their work on their own contract may do so beginning on February 24. It will not be necessary to know how to code in order to deploy.
Empowering Creators and Collectors
eBay purchased KnownOrigin in June 2022 for an amount that was not revealed. The goal of the Ethereum-based platform, according to co-founder David Moore, is to “empower creators and collectors by giving them the ability to showcase, sell and collect unique, authenticated digital items.”
From May of 2021, NFT listings have been allowed on eBay’s direct marketplace. Unfortunately, blockchain technology is not yet incorporated to facilitate transfers or crypto-based sales on the company’s platform. In order to obtain their NFTs outside of the platform during an airdrop in May 2022, customers were instructed to utilize in-app chat or email. To clarify, listings that request cryptocurrency payments or transfers are presently not supported by eBay.
KnownOrigin was founded in 2020 and has since been well-known for its exclusive and supportive community of NFT developers and artists. The overall sales volume of the collection, which includes “digitally glitched” and flashing picture artworks, has topped 1,523.78 Ether ($2.56 million).