On February 16, it was announced on Twitter that the e-commerce platform eBay's non-fungible token (NFT) marketplace, KnownOrigin, will introduce creator smart contracts for its artists. These new contracts will enable artists to share earnings and receive royalties as co-creators.
KnownOrigin reported that the Creator Contract beta release has been tested by users over the past few weeks, with 84 contracts already deployed and 250 NFT editions minted.
From February 24, all allowed creators on KnownOrigin will have the capability to deploy and mint their work on their own contract for public release without needing to have any coding knowledge.
In June 2022, eBay purchased KnownOrigin, a platform based on Ethereum, for an unknown amount. According to David Moore, one of the platform's co-founders, KnownOrigin aims to empower creators and collectors by providing them with the means to exhibit, sell, and acquire unique, verified digital assets.
Since May 2021, eBay has allowed the listing of NFTs directly on its marketplace. However, the company has not integrated blockchain technology to facilitate transfers or sales of NFTs using crypto on its platform.
In May 2022, during an airdrop event, users had to use either the platform's messaging service or email to receive their NFTs outside of the platform. It is important to note that eBay does not permit listings that solicit payments or transfers in crypto at present. Established in 2020, KnownOrigin has become renowned for its exclusive community of NFT artists and creators.
Among the platform's most popular collections is one created by XCOPY, with 27 editions and 559 sales. The collection is well-known for its striking "digitally glitched" and flashing image artworks, and it has generated total sales volume of over 1,523.78 Ether, which is equivalent to $2.56 million.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash