Known Origin’s latest contract addresses one of the primary hurdles in the evolution of NFT space with Triple Lock Royalty redistribution using Merkle tree queries that fulfil the promise of NFT royalties to all creators in perpetuity.
There are thousands of Artists coming into this space and many platforms have it under 1 single collection. Secondary market like Opensea distributes royalties on a monthly payout in batch. which makes it difficult for launch platforms to redistribute royalties to their original creators from the secondary sales.
As a non-custodial platform, Known Origin doesn’t want themselves or the community with a riskier option of manual redistribution. As it gives up on decentralisation and trustlessness.
A Standardized way was proposed as EIP-2981 September 2020. As a result, we have an ERC-2981 Standard for marketplaces to enable universal support for royalty payments by retrieving royalty payment information for NFTs of both ERC-721 and ERC-1155. All you need is adoption, as we have the infrastructure in place.
How does it work?
ERC-2981 support — Latest contracts are compliant with this standard and should allow for other marketplaces to easily query and distribute royalties to the KnownOrigin creators.
An open-source royalties’ distributor — a tool allowing for other royalties to be captured by a single address and then distributed to creators using the power of Merkle trees.
Support for Rarible royalties schema — if things are sold on Rarible, creators should also receive royalties.
KO deployed an open-source Merkle tree driven royalties distributor which can enable non-custodial royalties to be claimed by all artists on the KO platform. Redirecting all royalties from OpenSea to the single address of the deployed distributor smart contract. That allows encoding a large set of data and storing only a small amount on-chain, providing a GAS efficient way to distribute royalties to multiple participants.
Claiming Royalties
As a creator or someone who has been registered as a recipient of royalties in some form, They will see a new button for Claiming.
They don’t have to always withdraw separately, they can be accumulated and then claimed when the amount is higher enough to justify any GAS costs or when you need to access them.
KO is still an overlooked platform in the mainstream where they have built sustainable infrastructure for millions yet to come in this space.
