TL;DR
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Monax Labs just launched a new platform called ‘Aspen,’ that uses the ‘scorched Earth’ method we previously discussed (minus the image blackout).
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Monax Labs partnered with the Consortium Key NFT project to test the concept out. Consortium Key saw a jump from 10% of current holders having paid royalties, to 90% in a six month period (!).
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Our hope is this: Buyers quickly lose trust in royalty free marketplaces and abandon them because of platforms like Aspen, once again making royalty enforcement a must-have across all major marketplaces.
Full Story
Remember late last month when we wrote about the ‘scorched Earth’ method of getting NFT royalties back?
ICYMI, here’s the basic gist of the idea:
Automate NFT collections, so that if an item is traded on a platform that doesn’t honor royalties – they’re instantly bricked.
Meaning, the image is blacked out and any functionality (e.g. access to private communities/events) is switched off until the royalty is paid.
This would make royalty free marketplaces poisonous in the minds of buyers, and turn zero royalties from an ‘edge’ to a liability.
Well…turns out our thoughts aren’t as original as we’d previously imagined.
Monax Labs just launched a new platform called ‘Aspen,’ that does exactly that (minus the image blackout).
And apparently it’s working!
Monax Labs partnered with the Consortium Key NFT project to test the concept out. Consortium Key saw a jump from 10% of current holders having paid royalties, to 90% in a six month period (!).
This is a big step forward!
Ensuring that both holders and creators are able to derive monetary value from an NFT series over time, will elevate the overall health of the space in the long term.
Unfortunately, there’s a big ol’ downside to it all…
That is: this sucks for buyers! They’re left paying the royalty fee owed by the seller.
Our hope is this:
Buyers quickly lose trust in royalty free marketplaces and abandon them because of platforms like Aspen, once again making royalty enforcement a must-have across all major marketplaces.
Right now, it feels like a long shot…but we can dream!
