Tags:[[NFT Standards]] [[EIP-2981]] [[final]]
Enhancement to the [[ERC721]] a standardizes way to handle [[royalty]] payments for ERC721, includes publicly viewable royalty
Improving [[batch]] and minting. Simple Royalty standard that is one step closer to be implemented and used widely
[EIP-2981](https://eips.ethereum.org/EIPS/eip-2981) allows for a digital asset to present a simple, standardized and GAS efficient solution to any 3rd party about what are the expected, contractual royalties to be paid out. In essence, a focus on simplicity with an aim to help wider adoption from marketplaces.
# Solving challeges
Challenges that will impact and improve experience of [[NFT]] creators
- Standardize [[royalty]] payments across platforms
- Every marketplace has it’s own royalties and none of them works on secondary marketplace
- [[EIP-2981]] unifies the royalties so they are set and provides a function that returns the amount to creators address
- Improve [[batch]] minting and make it cheaper
- Create new method of minting new [[NFT]]
Source: https://mintable.medium.com/grant-from-ethereum-foundation-ecosystem-support-eip-2981-royalties-for-nfts-and-a-way-to-mint-dfaa6cb3e08a
## Some of the usecases of EIP2981:
- Atypical, fixed % royalties e.g. 12.5% of all sales go back to artists on KO
- Decaying royalties — this could be time based, ownership based or any other variants as sales reduce the number of times a NFT changes hands
- Dynamic royalties — changing over time or based on sale amount
- Upgradable royalties — allowing an entity or owner to modify any royalty
- Stepped royalties e.g. when sold for less than $100 don’t provide royalties
- Governed royalties — ownership of funds is dictated by a DAO, imagine that the _receiver_ as a DAOs treasury …
- Collector and artists royalties could even use it, it’s not specific to a specific persona.
Source: https://medium.com/knownorigin/eip-2981-simple-and-effective-royalty-standards-for-all-dbd0b761a0f0
# [[further reading]]
Implementation: https://github.com/ethereum/EIPs/issues/2907
Full EIP: https://eips.ethereum.org/EIPS/eip-2981
Draft EIP: https://github.com/VexyCats/EIPs/blob/master/EIPS/eip-2981.md
The story behind EIP2981: https://medium.com/knownorigin/eip-2981-simple-and-effective-royalty-standards-for-all-dbd0b761a0f0
Royal Registry https://royaltyregistry.xyz/lookup