MEDIA EYE Supports the EIP-2981 NFT Royalty Standard for ERC721 and ERC1155
At the moment, many NFT marketplaces fail to address the significance of royalty standards across the spectrum of Web 3.0 related NFT ecosystems and platforms. As the NFT sector continues to develop, there are noteworthy issues stemming from various NFT platforms failing to deduct and deliver set royalties to creators/content owners for proprietary content sales in primary and secondary markets.
EIP-2981 Royalty Standard for ERC-721 and ERC-1155 NFTs has not been adequately implemented across the Web 3.0 space. Many NFT platforms are not adapted to read the royalty rate that was originally set by the creator for their NFT collections on another platform compliant with EIP -2981. Clearly there is a lack of adoption of a single unified standard for royalties. This continues to be a persisting issue for primary and secondary market sales, while also impacting the pre-mint and genesis releases of the creator’s digital property via NFTs. Therefore, the ability of the creator to receive royalty payments from sales of their content by other parties is substantially reduced in the current market. Important to note that this acts as a deterrent for creators new to the Web 3.0/NFT space, which in return creates barriers to entry for new creators to the NFT markets.
The EIP -2981 NFT Royalty Standard was initially introduced in 2020 “as a standardized method to retrieve royalty payment information for non-fungible tokens (NFTs) to enable universal support for royalty payments across all NFT marketplaces and ecosystem participants”.
There are many marketplaces for NFTs with multiple unique royalty payment implementations that are not easily compatible or usable by other marketplaces. Just like the early days of ERC-20 tokens, NFT marketplace smart contracts are varied by ecosystem and not standardized. This EIP enables all marketplaces to retrieve royalty payment information for a given NFT. This enables accurate royalty payments regardless of which marketplace the NFT is sold or resold at – learn more about Ethereum Improvement Proposal -2981. Our findings further remind market participants of how important it is to ensure that standards such as this are adhered to and spearheaded by all NFT market service providers in the space.
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