MEDIA EYE NFT PORTAL: BLOCKCHAIN

 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.

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