EIP-2981 — Defining collectives for multi-collab royalties recipients

The future of multi-collab royalties and peak into the future

EIP-2981 defines a simple and effective way to both signal and provide the correct royalties to any 3rd party marketplace. Removing the typical silo that exists around marketplace royalties and providing a new building block for the creator economy.

EIP-2981 — Simple and effective royalty standards for all

However, there is a common misconception that the standard only allows you to encode a single creators account to receive the funds but this is not true, it just means you have to get creative and leverage smart contracts properly.

At KnownOrigin we are fully EIP-2981 compliant and yet currently we allow up to 5 creators to be reciprocal of these funds at the point of sale, but how it this done?

This is where the beauty of smart contracts come in to their own and a concept we term “collectives” is born.

Collectives represent reusable micro-contracts that can be encoded to perform a broad array of activities, the most simplest of use case is to split funds between multiple participants.

We support two types of collectives at the moment:

1. The first is a simple auto-splitting contract which splits funds whenever they are received and based on the rules defined at creation. This allows up to 5 people to automatically receive funds at the point of sale from any primary or secondary sale.
2. The second is a pull-pattern funds splitter which allows up to 50 people to claim the funds they are owned for a sale. We use a pull pattern here as splitting funds between up to 50 people was deemed to costly from an GAS/integration perspective to do at the time of sale.

An example of a 5 way split in action can be see on Clouds of the Metaverse

Clouds of the Metaverse by MLOdotArt - Martin Lukas Ostachowski

We use a registry contract to orchestrate the process of creation and management of these collectives which will allow us in the future to introduce new innovative types of royalty management 👀.

By pushing the complexities of the dealing with multiple collaborators higher up the stack, and making it simpler for marketplaces to integrate with will hopefully mean it gains wider adoption.

Leveraging CREATE2 and EIP-1167 proxies you can efficiently create reusable collectives that can be deploy once and re-use for many artworks.

I believe EIP-2981 represents a bold and foundational step towards a stronger and fairer creator economy, providing standards for all to work with and solidifying the concept of royalties within the market.

Anyway thanks for reading and I hope you also see the power of and possibilities of EIP-2981, spread the word … peace out ☮️ 🙌

James 🐝

https://knownorigin.io/jimbobbins <- this is me … ❤️

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