[Series] Weekly Latest NFT News Part 4
It’s that time again, Welcome back to NFT Weekly News, where we go over the most viral, important and interesting stories happening in NFT right now!
OpenSea Experiments With Optional Royalties System
OpeanSea, the leading NFT marketplace, has recently made some statements about the future of creator royalties. Creator loyalties are meant to empower the artist, allowing them to receive royalties every time their art changes hands, even after the first initial sale. The change comes after competing marketplaces LooksRare (Ethereum) and Magic Eden (Solana) both switched to optional royalties models. Currently OpenSEa is running an on-chain enforcement tool to test adding this option to future NFT as well as upgrading existing contracts, with a detailed Twitter thread stating the option would remain after the testing period ends on December 8th. OpenSea CEO Devn Finzer stated that “the current mechanics of creator fee enforcement are not sustainable,” citing a desire to better regulate the market and creator fees as a reason for the change. Still, many in the crypto sphere feel this goes against the principles of Web3, which was meant to empower the artist and make sure artists using Web3 technology are able to earn more compared to traditional media distribution methods. The market is watching this transition carefully, as any drastic changes OpenSea makes to their forum is likely to have large ripple effects on the entire NFT market.
Hennessy Enters the NFT Space With Café 11
Maison Hennesy is teaming up with Friends With Benefits DAO for the release of the Café 11 NFT collection. The collection will contain 1765 NfTs in honor of the brand’s founding date. NFT members will receive special benefits, both online and offline at exclusive events. The collection will be unveiled at Art Basel Miami in December. The respected cognac brand will bring its established track history to the Web3 space. The collection was designed by American artist John Dessereau, collaborated through the Friends With Benefits DAO who served as the creative agency on the project. The collection is currently on sale, with a starting price of $450 each.
SuperRare Introduces NFT Collector Pass
NFT SuperRare recently introduced their new NFT collector pass, titled RarePass:Genesis. In a similar model to online video game passes, the pass will entitle owners to special privileges that last for one year including monthly drops and special airdrops from renowned artists on the platform. The pass will be available by auction on November 15th, with 6 additional passes being randomly given away to collectors, existing artists and $RARE token holders. Additional benefits include access to pass holders special private community, and the chance to win 12 exclusive ‘Special Release Artists’ one of a kind artwork released monthly, giving pass holders guaranteed art drops in addition to monthly giveaways from artists such as ALIENQUEEN, Drift, Killer Acid, Osinachi, Tjo and more. Buyers can use both ETH and US dollars to purchase the pass.
