Solana May Get NFT Royalties Enforceable Through New Metaplex Standard

Solana May Get NFT Royalties Enforceable Through New Metaplex Standard

Creator royalties have dropped substantially in the Solana NFT sector recently, as top marketplace Magic Eden made paying them optional last week after rivals that shied away from royalties snatched away market share. Now Metaplex, the maker of Solana’s NFT standard, says it is developing a new standard that could enforce royalty payments across the board. While artists and creators can set royalty rates through project smart contracts. The firm said that the existing Metaplex standard is used by more than 99% of all Solana NFTs created so far. Metaplex said it can create enforceable royalties by expanding its token metadata program, which is how NFT makers add the data and information that makes an NFT—or blockchain token representing ownership in an item—unique from one another. Metaplex’s tweet thread reveals that it aims to support multiple NFT asset standards within its framework, providing creators with options for future projects. Since Metaplex technology is already widely supported by marketplaces and wallets, it may be appropriate to implement changes that could affect the entire Solana Maker community.