Generative art NFT platform Art Blocks has announced the launch of its dedicated secondary marketplace. A primary feature the platform implements is the mandatory creators’ royalty model, which is gradually being removed from other NFT marketplaces.
The newly launched platform, integrated into the existing Art Blocks website, will allow creators and collectors to easily list, delist, mint, and trade NFTs.
Alongside the in-app listings, the brand-new platform has an aggregation feature that allows assets listed on other trading platforms, including OpenSea, LooksRare, Sansa, Rarible, and Sudoswap, to be viewed easily on Art Blocks’ marketplace. With the liquidity aggregator, Reservoir, all listings from other marketplaces that do not include creator royalties will be royalty-normalized.
Art Blocks also revealed that it will not be adding any additional marketplace fee on transactions conducted on the platform, making it the “lowest fee option” available on the market. This could aid the marketplace in its growth above its current trading volume of $1.4 billion in NFT sales. Art Blocks leverages the same order-matching engine as OpenSea’s Seaport for seamless transaction processing. This technical integration allows users who have granted approval to Seaport for other marketplaces to easily use Art Blocks without needing to re-authorize access.
In the past few months, several leading marketplaces have removed the feature and opted for other compensation, such as rewarding creators with portions of transaction fees. The introduced royalty model by Art Blocks may be a supporting option for creators, honoring their practices. As creators lose one of their income streams on leading NFT marketplaces, they may flock to alternative platforms such as Art Blocks that uphold the royalties policy.
Art Blocks believes its royalty model will help sustain creators as they develop and deploy artwork in the market. The project mentioned via a Twitter post that retaining the feature is “a big deal because it honors the creator economy we all have been working so hard to build and maintain and is essential to the ethos of Web3.”
The launch of Art Blocks’ dedicated secondary marketplace is a significant step for the company and reflects its commitment to supporting artists and building strong relationships between creators and collectors. By providing a safe and fair ecosystem for NFT enthusiasts, platforms like Art Blocks play crucial roles in the growth and development of the NFT industry.
