►
Description
Topics covered
-----------------------------
00:40 - Guests introduction
1:30 - Blaine’s introduction
2:24 - How did you get involved in NFT Royalty payment?
3:58 - Slides presentation
4:44 - Acknowledgments
5:30 - EIP-2981 Timeline
6:21 - Contents
6:38 - What are Royalties?
7:58 - Ecosystem Participants
8:45 - The state of the nation
11:24 - Can we enforce royalties?
15:35 - EIP-2981
16:17 - Implementation
25:40 - Demo
26:58 - Rationale
27:20 - On-chain royalty payment percentage calculation
27:48 - Unit-less royalty payment across all marketplaces, both on-chain and off-chain
28:35 - Universal Royalty Payments
29:09 - Looking forward 👀
31:34 - Join the Discord
33:20 - For complex (time-based) royalties, how do you see marketplaces doing that?
35:50 - Do you plan to support those interfaces & more complex in this EIP or future?
36:50 - It seems that it is built on the opting model, the level of the marketplace. There are hacky Solidity ways, but do you see the future where it can be baked in the nature of the contract itself?
41:58 - Do you have any idea if major marketplaces like OpenSea are considering integrating it?
44:50 - Do you see a future reconciliation to bring all of them together?
45:59 - Do you see any future for the NFT secondary market?
49:10 - Your thoughts on NFT being used as a retroactive funding option?
51:02 - Do you think Gemini or any other exchange may have interest in NFT standards?
52:43 - Are you aware of NFTs on any other blockchain and the proposal will be helpful for royalties set up for NFTs?
56:15 - A few words for projects looking to implement this.
Resources
-------------------
Slides - https://docs.google.com/presentation/d/1IfdfpgSWmI4tGDwNUpAIEq7amAePnmYQPyEbZ1gDBh8/edit#slide=id.gc6f9e470d_0_0
EIP - https://eips.ethereum.org/EIPS/eip-2981
Discussion to - https://github.com/ethereum/EIPs/issues/2907
Follow at Twitter
-----------------------------------------------
Blaine Malone @blainemalone | William Schwab @William94029369 | Pooja Ranjan @poojaranjan19
Check out upcoming EIPs in Peep an EIP series at https://github.com/ethereum-cat-herders/PM/projects/2
Follow PEEPanEIP earlier episodes at https://www.youtube.com/playlist?list=PL4cwHXAawZxqu0PKKyMzG_3BJV_xZTi1F
Contact Ethereum Cat Herders
---------------------------------------------------
Discord: https://discord.gg/tzYmDmF
Twitter: https://twitter.com/EthCatHerders
Medium: https://medium.com/ethereum-cat-herders
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Email: support@ethereumcatherders.com
Website: https://www.ethereumcatherders.com/
A
For
some
people,
nft
is
the
latest
buzzword,
but
for
many
others
this
is
a
new
area
to
explore
opportunities
in
blockchain
ecosystem.
A
lot
is
happening
in
the
nft
space
and
we
understand
the
importance
of
having
the
right
information
to
best
utilize.
The
resources
available
to
us
welcome
to
the
43rd
episode
of
peep
any
I'm
your
host
pooja
ramsey.
Today
we
are
going
to
learn
about
an
ethereum
standard
that
recently
got
final
status
among
the
erc
category
to
talk
about
eip
2981
nft
royalty
standard.
A
We
are
also
joined
by
anatoly
kova,
who
is
leading
the
nft
standardization
group,
william
shaw,
who
is
a
cad
blazer
and
future
erc
editor,
sending
support
to
erc
standardization
quizam
from
a
project
building
t5
nft
star
in
the
avalanche
ecosystem,
so
welcome
to
the
show
blaine.
This
is
the
first
nft
proposal
we'll
be
discussing
in
the
show,
and
I'm
super
excited
to
hear
what
you
have
got
to
share,
but
before
that
I'd
be
curious
to
know
how
you
joined
the
blockchain
community.
So,
let's
start
with
a
quick
introduction.
B
Yep
thanks
persia
for
having
me
on
I'm
excited
to
talk
about
this,
so
so
I've
actually
got
a
slide
for
this.
So
I
a
little
bit
about
myself.
My
name
is
blaine
malone.
I'm
a
software
engineer.
I'm
currently
working
for
gemini
in
the
research
department,
gemini's
a
cryptocurrency
exchange.
I
think
it's.
I
should
also
say
that
opinions
expressed
here
are
my
own
and
do
not
represent
those
of
my
employers,
but
I've
been
around
the
cryptocurrency
space
for
around
five-ish
years
now.
B
B
But
not
only
has
this
concept
of
metadata
being
used
for
artists
to
get
creative
and
build
projects
that
we
know
and
love,
but
it
also
allows
creators
to
embed
rules
that
they'd
like
to
see
enforced.
So
royalties
is
actually
a
nice
example
of
this
in
action.
When
I
first
read
about
it,
I
saw
the
kind
of
fragmented
market
of
royalties
and
thought
that
this
could
be
solved
quite
elegantly
by
extending
the
idea
of
attaching
kind
of
metadata
to
nfts.
B
A
B
And
regulations
around
royalty
payments
in
the
united
states
and
the
laws
around
in
the
united
states
sometimes
state
that
there's
no
recourse
for
unpaid
royalties
in
the
uf's.
So
if
there
was
somewhere,
we
could
use
ethereum
network
blockchains
to
kind
of
incentivize
royalties
to
be
paid.
Then
I
think
that's
that's
so
yeah
the
the
royalty
standard
in
general.
That's
that's
the
introduction,
but
from
from
high
level
I'd
like
to
talk
about
the.
B
Why
so
like
why
we
need
this,
the
how
so
like
how
ecosystem
participants
can
implement
it,
and
then
I'll
have
like
a
shorter
section
on
looking
forward
into
the
future
of
royal
dependence
on
ethereum.
Specifically,
I
think
before
I
continue.
I
know
it's
the
the
eve
of
eip
1559,
so
I'd
like
to
give
a
shout
out
to
everyone
involved
in
that
it's
a
huge
milestone
for
the
ethereum
community,
so
very
exciting
stuff.
B
Yeah
just
a
short
slide
here
on
acknowledgements,
like
it's
important,
to
mention
all
the
people
that
have
worked
on
this
eip
and
if
a
lot
of
rigor
and
was
applied
over
many
months
to
ensure
that
the
most
optimal
scheme
was
proposed.
It's
kind
of
one
of
the
newer
aspects
I've
been
introduced
to
is
it's
like
writing.
Standards,
isn't
an
easy
feat.
So
I
kind
of
pay
homage
to
everyone
who
give
their
insight
into
how
the
ecosystem
participants
might
interact.
B
With
this
proposal,
there's
definitely
some
very
valuable
insights
from
people
in
space
and
really
did
help
mold
the
idea
into
what
we
think
is
a
solid
foundation
for
moving
forward,
so
you've
got
zach
james
james
again
and
then
there's
more
notable
contributors
that
really
did
help
mold
the
spec
okay.
I
thought
this
might
be
useful
because
sometimes
you
don't
know
how
long
these
things
went
on
for,
but
we've
got.
It
was
first
put
into
draft
status
around
september
of
2020..
B
It
was
actually
proposed
before
this.
In
august
it
stayed
in
draft
state
right
up
until
the
18th
of
june,
so
there
was
a
lot
of
different
changes.
A
lot
of
spec
changes,
I
noticed
some
people
actually
implemented
the
royalty
eip21
before
the
spec
was
finalized,
and
then
they
had
to
kind
of
like
go
back
on
that.
So
luckily,
when
we
went
into
review
stage,
it
didn't
change
too
much
after
that
point,
and
then
we
finalized
there
a
couple
of
weeks
ago.
B
B
So,
instead
of
this
verbose
definition,
I'm
gonna
just
define
something
a
little
bit
more
simple.
So
this
is
payments
to
rightful
recipients,
so
an
arceus
creators
of
nfts
or
a
bunch
of
creators
in
perpetuity
by
a
predefined
set
of
rules,
so
you'll
kind
of
get
an
idea.
When
we
look
at
the
api
what
this
exactly
means,
but
you
know
in
essence,
payments
are
going
to
be
made
to
an
ethereum
address
after
the
notion
of
a
sale
is
executed
and
the
the
rightful
recipient
receives
the
payment
in
whatever
denominated
currency
they've
specified.
B
So
in
the
next
slide,
we're
going
to
look
at
ecosystem
participants,
and
this
will
really
give
us
like
the
essence
of
what
we're
trying
to
get
across
here.
So
from
a
very
high
level,
we've
got
three
participants
and
you've
got
the
creator.
So,
let's
take,
for
example,
an
artist
has
an
idea
for
an
nft
launches,
a
721
or
1155
contract,
and
the
market
place
lists
this
with
a
sale
price
and
allows
them
to
set
royalties,
and
then
buyer
interacts
with
marketplace
and
purchases.
B
The
nft
and
the
royalties
are
center
creator
so
like
this
is
this
is
good,
but
there
is
a
fly
in
the
ointment,
so
to
speak.
So
so,
let's
dig
into
what
this
is
well.
If
you
actually
look
in
to
what
happens
after
a
few
more
seals
of
this
nft
and
when
it
spans
different
marketplaces,
you'll
soon
realize
that
the
current
infrastructure
is
actually
quite
siloed
and
royalty
information
isn't
shared
between
marketplaces
and
even
if
it
was
shared
between
marketplaces.
B
This
doesn't
really
scale
and
it
doesn't
allow
for
a
truly
permissionless
system
where
anyone
could
enter
and
fully
take
advantage
of
the
network.
So
you
probably
guessed
it
from
the
diagram
that
the
idea
of
a
seal
is
kind
of
just
an
abstract
concept.
So
if
we
step
through
it
here,
I'm
not
sure
if
you
can
definitely
see
everything
on
the
on
the
diagram,
but
there's
at
step
one.
The
creator
creates
the
nft
and
lists
it
on
marketplace.
B
But
this
is
the
kind
of
fundamental
similarities
between
all
approaches
that
exist
right
now
and
yeah.
So
so
that's
the
state
of
things
at
the
minutes
and
like
I
said
there
are
more
nuances
to
this.
But
this
is
kind
of
the
overarching
look
at
things,
so
so,
let's
take
a
step
back
for
a
minute
and
look
at
how
2981
approaches
this.
B
So
there
was
a
lot
of
questions
around
the
discussion
boards
on
the
cip
about
like
can't
we
enforce
royalties
and
that,
like
in
an
ideal
world,
I
think
that
sounds
great.
But
if
you
start
to
dig
into
it
a
little
bit
more
you'll
notice
that
there
are
some
problems
so
with
the
current
architecture,
the
smart
contracts
of
the
721
or
1155
contracts,
funds
never
touch
the
contract.
B
So
if
you
want
to
enforce
things,
you
know
you're
going
to
have
to
have
a
smart
contract
code
on
chain
to
kind
of
take
care
of
this.
So
that's
one
thing
that
the
funds
actually
never
touched
the
chain,
so
there'll
have
to
be
some
updates
there
and
then
the
721
spec,
specifically
seals,
are
indistinguishable
from
transfers.
So
you'll
notice
that
I
mentioned
earlier
about
marketplaces,
marketplaces,
kind
of
they're.
The
ones
that
created
this
idea
of
a
seal
so
cl
is
just
an
abstract
concept.
The
smart
contract
isn't
aware
of
the
sealed
price.
B
It's
not
aware
of
the
currency
it's
involved
in,
and
you
know
you
can
actually
just
transfer
this
thing
around
as
long
as
you
have
the
the
keys
to
do
it.
So
do
you
need
to
make
the
the
contract
itself
aware
of
all
of
these
things
so
like
with
so
many
things
in
crypto
trying
to
decentralize
an
architecture?
It
usually
has
some
trade-offs.
B
So
let's
continue
down
this
thought
at
first.
You
know
at
first
glance,
there's
three
approaches
that
seem
attractive
here
you
can,
like
I
mentioned
earlier,
you
can
force
every
smart
contract
transfer
to
also
consume
the
funds
of
the
sale.
Well,
I
mean
like
one
of
the
major
drawbacks
of
this
approach.
Is
that
it's
easily
bypassed
while
adding
unnecessary
complexity?
B
B
What
the
agreed
upon
sale
price
is
the
only
way.
The
only
time
that
this
could
be
true
is
if
the
price
pricing
mechanism
was
built
into
the
logic
itself,
but
then
this
kind
of
removes
any
price
discovery
for
the
nft's
value.
So
that's
the
first
one.
Second
one
is
lock
down
the
transfer
and
force
the
owner
to
check
with
a
trusted
party.
B
This
is
like,
in
my
opinion,
pretty
unfriendly
for
the
collector.
You
know
if
something
happened
whereby
the
approval
process
broke
so
you're,
relying
on
a
trusted
party
here,
you
know
the
nft
could
be
locked
to
that
that
wallet
forever
and
it
would
take
a
significant
risk
on
the
value
of
those
nfts.
B
You
know,
and
then
you're
kind
of
predisposing
yourself
to
the
problem
of
custody
and
keys
there
and
whether
or
not
marketplaces
are
are
handling
that
correctly.
Third,
one
is
revocation
of
nfts
if
royalties
aren't
paid
again
this.
I
think
this
is
very
unfriendly
for
the
collector
and
it
also
kind
of
blurs
the
line
of
ownership.
B
So
you're
like
including
a
revocation
feature
and
something
that's
meant
to
be
a
deed,
and
I
know
that
artists
wouldn't
necessarily
do
this,
because
if
their
their
reputation
is
on
the
line,
but
you
know
disputes
can
happen
and
people
can
people
can
do
these
things.
So
the
the
what
one
one
thing
from
like
being
in
this
area
for
a
bit
is
realizing
that
marketplaces
want
to
implement
royalties
frameworks.
B
There
are
incentivizes
to
implement
royalties,
it
attracts
new
creators
to
their
platforms,
which
in
turn
brings
more
buyers.
So
incentive
is
a
line
for
everybody,
and
actually
an
opt-in
model
works
quite
well.
So
to
summarize,
the
the
issue
isn't
enforcement.
It's
the
adoption
of
a
cross-platform
compatibility.
B
So
it
can
always
be
the
kind
of
default
usage
for
displaying
this
royalty
information
by
itself,
probably
not
a
silver
bullet,
but
it
will
definitely
help
existing
order
payments
shortcoins,
okay,
so
so,
let's
get
into
the
the
implementation
that
the
crux
of
the
opt-in
model
requires
some
way
to
store.
This
royalty
metadata,
like
I
mentioned
earlier,
for
a
given
contract
and
part
of
the
work
involved.
B
Defining
this
function
as
a
percentage
based
model
returns,
an
undisputable
royalty
information,
sale
price.
So
we're
really
asking
the
contract
to
perform
the
calculations
based
upon
the
sale
price,
so
the
contract
only
ever
knows
about
sale
price.
When
we
invoke
this
function,
contract
performs
some
calculations
and
gives
the
the
response
back
on
the
next
slide.
B
Okay,
so
this
this
is
an
example
of
setting
royalties
on
a
per
token
basis.
So,
if
you're
familiar
with
721
spec,
you
know
you
can
have
multiple
nft
tokens
in
a
single
smart
contract.
You
know
this.
This
mapping
here
could
be
removed
and
you
could
set
global
royalty
information
for
the
whole
contract,
but
this
is
just
kind
of
showing
a
little
bit
more
advanced
use
case.
B
So
you'll
you'll
need
to
obviously
set
the
royalties
per
token.
So
that's
what
this
set
royal
token
royalty
function
is
doing,
and
it's
helpful
to
use
kind
of
the
traditional
finance
terminology
around
basis
points,
because
a
lot
of
times
when
you're
calculating
percentages,
you
you
want
like
more
than
zero
decimal
places,
so
you
won't
run
two
decimal
places.
B
I
know
a
lot
of
smart
contract
developers
already
kind
of
know
these
things,
but
it's
something
worth
kind
of
driving.
That's
a
point
worth
driving
home.
I
think
because
you
could
lose
like
for
the
example
in
the
bottom
left
corner
here
you
can
lose
point
seven,
five
eighths
of
in
a
certain
situation,
so
just
the
accuracy
matters
and
then
an
actual
implementation
of
the
function
that
was
defined
in
the
spec.
B
So
you
can
see
here
that
top
right
of
the
screen,
sealed
prices
should
be
in
the
smallest
denomination
of
the
currency
standard.
The
the
this
assumes
that
the
function's
only
ever
invoked
externally
to,
but
that's
not
defined
exactly
by
the
spec.
We
don't
think
there's
any
state
modification
when
function
should
just
be
a
calculation
and
return
of
the
value.
It's
not
pure,
because
you,
you
still
read
some
state
from
the
smart
contract
itself
and
then
again
here
we're
dividing
by
10
000
basis
points,
so
we're
kind
of
keeping
that
accuracy.
B
B
Yeah
there
are
some
subtle
edge
cases,
as
previously
mentioned,
implementers
can
get
creative
with
the
percentage-based
calculation,
but
there
are
some
important
caveats
to
consider.
I'm
mainly
ensuring
that
the
royalty
info
function
is
not
aware
of
the
unit
of
exchange
and
that
unpredictable
variables
are
avoided
in
the
percentage
calculation.
B
So
why
does
it
need
to
be?
Why
does
it
need
to
stay
unaware
of
the
unit
of
exchange?
Well,
I
mean
the
the
reason
it
must
be.
Currency.
Agnostic
is
because
the
moment
you
introduce
say
a
conditional
check
on
the
sale
price
variable
you
actually
assume
the
unit
of
a
current.
It's
is
very
subtle
but
say
you
have
a
an
if
statement
in
here
that
says,
if
100
then
do
x.
B
B
B
Now,
there's
like
I
said,
people
can't
get
creative
with
these
things,
but
I'd
say
99
of
teams
and
implementers
will
kind
of
just
stick
to
the
normal.
You
know
static
percentage,
fixed
percentage
based
model,
but
to
dig
into
the
the
times
the
timestamp
example.
Let's
say
a
marketplace:
delays
x
days
before
invoking
royalty
info
and
sending
the
payment.
B
Well,
you
know
if
the
royalty
information
was
calculated
based
on
a
block
timestamp,
for
example.
Then
we
know
that
every
time
you
invoke
this
function,
a
different
result
is
going
to
be
returned.
So
let's
say
a
marketplace:
the
marketplace
receives
y
royalty
amount,
which
was
significantly
different
from
the
royalty
amounts
that
would
have
been
calculated
x
days
prior.
If
no
delay
had
occurred,
then
the
royalty
recipient
is
actually
going
to
be
kind
of
dissatisfied
with
the
delay
from
the
marketplace
and
for
for
this
reason
they'd
they'd
raise
a
dispute.
B
B
So
you
can
imagine
this
would
kind
of
be
like
the
the
code
on
a
marketplace.
You
can
see
that
the
percentage
is
set
to
2.5
percent
or
250
dips
basis
points,
and
that
keeps
the
two
decimal
places
of
precision,
and
it
could
look
like
this,
where
the
expected
result
is,
in
the
smallest
unit
of
account
for
the
currency
tendered.
B
So
we're
talking
about
ether
here,
so
the
currency
standard
is
ether
and
the
smallest
unit
of
current
is
where
so
you'll
notice
that
when
we
pass
the
royalty
info
parameters,
we've
got
this
tandem,
varvatine
large
number
that
actually
represents
one
ether.
That
was
the
sale
price,
and
then
we
get
back
this
this
other
equally
large
number,
but
which
is
actually
you
know
0.025
either.
So
just
got
a
currency
converter
here.
B
And
again,
the
obvious
one
is
that
the
the
address
to
send
this
to
so?
Let's,
let's
talk
about
that,
the
the
address
there
was
a
bit
of
two
and
fourth
back
and
forth.
Should
I
say
on
the
discussion
forums
about
whether
we
should
be
returning
them,
an
array
of
addresses
or
just
a
single
address
and
the
community
kind
of
settled
on
a
single
address,
and
you
know
if
there
was
multiple
addresses
returned,
it
would
increase
the
complexity
on
the
marketplace
side.
We
didn't
want
to
do
this.
B
We
said
that
we're
actually
not
getting
ourselves
into
a
culture
sack
by
returning
one
address,
because
if
someone
did
want
to
do
more
complex
royalty
splitting
to
multiple
creators
or
participants,
they
could
actually
have
that
address,
be
a
smart
contract
itself
that
performs
the
royalty
splitting.
So
you
can,
that
address
can
actually
be
a
proxy
contract
or
just
a
external
account.
So
the
the
complexity
can
still
be
there
if
you
want
it,
so
it
just
makes
for
a
cleaner
api
here.
B
Okay,
so
talk
through
some.
I
I
have
give
some
of
the
rationale
here
actually
before
I
talk
about
the
rationale.
I'll
just
show
you
I,
I
kind
of
like
got
this
together
quickly
before
the
presentation,
but
and
it's
by
no
means
production
ready
or
anything,
but
this
kind
of
shows
you
what
what
it
looks
like
just
if
you
wanted
to
visualize
it
so
you've
got
this
set
token
loyalty
function
similar
to
the
slides
I
just
shown.
B
So
I'm
just
saying
for
token
id
0,
the
recipient
is
this
address
and
it's
2.5
for
every
token
that's
sold
here
and
then,
when
the
marketplace
calls
this
function
with
a
1,
8
sale
price
you'll
see
that
this
is
the
result
of
the
royalty
amount
and
it
keeps
the
precision
so
yeah,
very
straightforward.
I'd,
say:
99
of
the
use
cases
will
be
something
very
similar
to
this,
but
yeah.
B
Yeah
yeah
rationale,
so
I
I
kind
of
alluded
to
this
simple
royalty
payments
to
a
single
address.
You
know
we
wanted
to
really
go
for
minimal
kind
of
gas
efficient
building
blocks.
Here
and
again
we
didn't
want
to
stifle
anything
with
this
design,
so
we've
kind
of
thought
about
those
edge
cases.
You
know
the
address
again.
Could
it
could
be
a
multi-sig
contract?
It
could
be
anything
but
I'd,
say
again.
99
of
use
cases
it'll
probably
be
in
their
externally
owned
accounts.
B
B
If
it's
eth
then
could
just
send
a
normally
transaction
to
the
royalty
recipient.
But
if
it's
erc20,
then
again
the
marketplace
needs
to
kind
of
handle
that
it's
possible,
that
other
eips
could
define
how
the
currency
should
be
decided
upon.
For,
for
now,
the
smart
contract
is
kind
of
just
doesn't
enforce
the
unit
of
accounts
and
universal
royal
departments.
B
You
know
this
isn't
because
it's
an
interface,
it
isn't
restricted
to
just
721
and
1155
contracts,
and
you
know
any
any
contract
in
the
future
or
any
existing
contract
could
just
implement
this
and
basically
through
erc
165.
You
know
they
can
signal
that
they
support
royalty
abandons
and
marketplaces
can
can
kind
of
be
aware
of
that
and
then
looking
forward.
So
you
know
this
gets
us
pretty
far.
B
You
can
think
of
it
as
like
a
level
of
indirection
between
the
marketplace
and
actually
asking
for
the
royalty
information.
So
you
would
invoke
royalty
info
on
the
registry
and
then
the
registry
takes
care
of
the
interoperability
between
different
721
contracts
and
how
they
represent
their
royalty
information.
B
So
that
was
interesting
and
then
I
suppose,
an
actual
query
api
for
other
web
three
apps.
They
can
just
look
for
royalty
informations
from
existing
nfts,
so
I'd
encourage
anyone.
Who's
interested
to
join
the
discord,
channel,
there's
and
github
is-
is
great
for
discussions,
but
for
kind
of
spit
bowling
new
ideas
going
forward.
This
is
a
lot,
a
lot
more
effective
in
my
opinion,
so
we're
discussing
further
improvements,
further
eips,
maybe
not
not
eips
but
actual
infrastructure,
so
yeah
jump
in
there
there's.
B
B
A
A
There
are
very
few
ercs
reaching
to
the
final
status,
as
mostly
people
get
busy
with
the
work
and
the
project
they
are
doing
it
and,
in
absence
of
champion,
it
barely
moves
out
of
the
draft
status.
Thank
you
for
sticking
around
and
taking
this
proposal
to
the
list
of
idioms
standards
and
the
presentation
today,
I'm
sure
that's
going
to
be
very
helpful
for
people
who
would
actually
like
to
implement
this
proposal.
A
C
Hey
blaine
yeah:
this
is
an
awesome
presentation.
Man
thanks
for
this,
I
I
think
you
know
we've
been
looking
at
this
for
a
little
while
and
we
saw
how
this
really
can
become
a
primitive
in
the
nft
space,
and
I
think
one
of
the
the
bigger
questions
that
we're
trying
to
get
an
understanding
of
right
is,
if
you
wanted
to
do
more
complex
royalties
like
time-based
royalties
or
decaying
royalties,
like
how
do
you
see
like
kind
of
marketplaces,
handling
that
right
or
just
even
infrastructurally,
within
the
eip
itself?.
B
Yeah
yeah,
that's
a
that's
a
really
interesting
topic
there
around
kind
of
like
linear
or
the
of
royalties
over
time,
and
it
was
a
conversation
raised
a
few
times
in
the
discussions
on
github.
So
I
I
can
definitely
link
you
to
that.
But
my
takeaway
from
it
was
this.
Current
design
doesn't
stifle
those
sorts
of
ideas,
so
the
the
the
the
kind
of
block
time
stamp
example
I
mentioned
earlier.
B
You
can
kind
of
wield
that
to
change
that
percentage
function,
calculation
over
time,
so
there's
maybe
a
few
more
ways
of
doing
it
and
I'm
sure
people
will
come
out
with
more
standard
implementations
of
that
but
yeah
we.
The
conclusion
we
came
to
was
this-
doesn't
stifle
those
ideas.
I
definitely
think
it's
more
of
a
you
know
a
crypto
developer
idea
and
the
one
that
everyone
finds
cool
and
crypto,
and
I
agree.
B
C
Well,
I
mean
yeah,
I
mean
100,
but
it's
just
paying
attention
to
the
fact
that,
like
the
nft
space
is
in
essence,
a
unique
space
and
it
just
offers
us
so
much
flexibility
you
know
adam.
Is
we
work
together
on
our
project?
He
I
know
he
was.
We
were
kind
of
going
back
and
forth.
He
probably
had
some
questions
as
well.
D
Yeah,
I
think
that
was
the
principle
one
and
also
blaine
puja.
Thank
you
so
much
for
the
presentation.
That's
been
great
so
far,
yeah.
I
think
we
were
thinking
about
some
more
complex
use
cases
and
just
wondering
if
either
this
eip
or
in
the
future,
you
plan
to
just
even
support
those
type
of
interfaces
or
if
those
conversations
are
going
on,
so
we
can
kind
of
put
in
both
their
own
two
cents
from
what
we've
been
learning
and
also
try
to
leverage
kind
of
best
practice
in
the
community.
That's
been
discussed
thus
far.
B
Yeah
yeah,
I
I
would
love
to
see
people
kind
of
picking
up
that
idea
just
from
a
purely
kind
of
text.
I
think
I
would
be
interested
in
seeing
the
solution
there.
I'd
say,
definitely
jump
into
the
discord
channel
there
listed
on
screen.
Your
ideas
are
more
than
welcome,
like
I
said
everyone's
pretty
friendly
and
they'd
love
to
see
people
kind
of
thinking
about
these
ideas.
So
definitely,
let's,
let's
talk.
Let's
talk
about
it.
D
Great
and
then
just
one
more
to
kind
of
build
on
that,
it
seems
as
though
this
is
still
built
on
on
an
opt-in
model
on
the
level
of
the
marketplace.
I
know
you
would
discuss
kind
of
some
pros
and
cons
of
what
may
be
able
to
get
around
that
in
some
hacky
kind
of
solidity
ways.
But
do
you
see
a
future
wherein
this
can
be
baked
into
the
nature
of
the
contract
itself,
as
opposed
to
purely
opt-in
from
a
higher
level
abstraction?
D
B
B
They
might
include
this
idea
of
an
approval
process
where
it
gets
sent
to
an
intermediary
first
and
that
that
kind
of
like
enforces
it
in
a
in
a
in
a
sense,
but
I
think
you
know
like
a
lot
of
the
conversations
happening
right
now,
are
around
the
the
reporting
of
royalties
being
owed,
and
I
think,
with
the
already
existing
incentives
there,
you
know
for
marketplace
actually
want
to
send
these
royalties.
It
gets
creators
and
gets
more
buyers
and
increases
revenue.
B
What
what
have
they
received
all
of
their
royalties?
If
they
haven't,
then
this
address
owes
them
royalties.
And
you
know,
a
lot
of
these
addresses
are
actually
kind
of
easily
mapped
to
market
participants.
Ie
marketplaces,
different
things
like
that,
but
yeah.
Sorry
to
answer
your
question,
we
probably
will
see
some
variants
on
people
trying
to
enforce
royalties
right
now.
From
my
perspective,
that's
not
where,
where
it's
going
seems
like
the
opt-in
model
works
well,
but
yeah
we'll
see
it's
still
early
days.
This
is
definitely
like
a
step
in
the
right
direction.
D
D
Essentially,
you
have
to
eliminate
the
possibility
of
being
able
to
simply
transfer
for
the
sake
of
transferring
or
gifting
an
nft,
because
the
second
that
there's
some
kind
of
pure
transfer
or
gift
option.
It
can
just
be
used
for
collusion
between
buyer
and
seller
to
avoid
the
royalties
anyway,
and
so
I
think
that,
even
even
without
the
royalties
registry,
I
really
do
think
that
there's
a
large
space
to
say
that
without
being
overly
restricted,
we
can't
force
it.
The
ecosystem
looks
like
they
want
to
do
it.
B
Yeah
yeah
brilliant
point:
when
I
completely
agree
it's
you
know
baked
into
the
721
spec
that
you
can
just
transfer
these
things
without
any
checks
so
and
the
the
abstract
idea
for
co
isn't
baked
into
that
spec.
So
it's
kind
of
that's
what
we're
working
with.
I
agree
that
you
know
721
is
is
a
deed.
It's
like
a
rights
to
ownership
of
something
and
that's
kind
of
the
playground,
so
to
speak.
D
And
also,
maybe
just
a
quick
point
on
what
you
were
saying
and
adam
what
you
were
asking
about:
721
variants.
I
do
believe
that
zoro
protocol
is
trying
to
do
something
like
that
like
baked
into
the
721
itself,
so
it
might
be
something
to
kind
of
check
out.
I
know
their
basic
model
was
that
they
wanted
the
actual
like
buy
and
sell
transactions
to
be
happening
through
the
nft
contract.
B
Yeah
and
and
you'll
notice
that
if
you
check
out
the
there's,
a
github
repository
that
manifolds
created-
and
it's
kind
of
this
rudimentary
royalty
registry
at
the
minute
and
it's
pulling
in
royalty
information
from
different
marketplaces
and
zora
is
one
of
those
and
you'll
notice.
The
door
is
like
a
little
bit
more
kind
of
complex
to
weave
into
this
common
interface,
but
yeah
you're,
right,
they're,
doing
something
different.
B
B
Yeah,
so
this
is
this
is
this
is
interesting
because
you
know
I
sometimes
think
of
if
there's
a
marketplace
that
has
a
kind
of
monopoly
on
the
mft
market.
Right
now
is
their
incentive
to
open
up
their
royalties
platform
because
in
essence,
they're
actually
keeping
people
on
their
platform
by
having
a
closed,
siloed
royalty
system.
B
It's
a
honestly,
I
think
you
know
it
nearly
comes
down
to
a
bit
of
altruism
there,
but
all
of
the
other
marketplaces
would
be
incentivized
to
to
do
something
like
this,
so
that
they
actually
get
people
to
move
over
to
their
marketplace.
So
there's
a
bit
of
a
tug
of
war
going
on.
Maybe
you
know
I
can't
have
them
haven't
talked
open,
so
you
can't
speak
for
them,
but
yeah,
there's
going
to
be
an
interesting
dynamic,
I'd
say
would
play
out
here.
B
I
also
think
marketplaces
should
consider
looking
at
the
idea.
Maybe
if
a
royalty
registry
isn't
available
right
now,
they
should
be
open
to
the
idea
of
maybe
that
being
the
way
they
go
in
the
future,
because
you
know
this
isn't
backwards
compatible
with
existing
royalties
nfts
about
existing
royalties.
So
there's
there's
that
and
like
a
registry
would
kind
of
maybe
would
give
you
that
truly
interoperable
idea
around
a
marketplace
being
able
to
handle
all
royalties
for
all
nfts.
B
D
B
D
B
D
And
in
regards
to
the
current
different
ways
that
these
big
platforms,
you
know,
openc
wearable
non-origin-
are
implementing
some
of
these
royalties
under
the
hood.
Do
you
see
a
future
of
reconciliation
or
trying
to
use
this
eip?
To
kind
of
you
know,
bring
those
all
back
together,
because
obviously
they
have
a
lot
of
you
know
value
locked
into
those
and
a
lot
of
different
nfts
that
are
divine
excuse
me
defined
by
their
different
editions
or
whatever
they
call
them
under
the
hood.
B
From
a
personal
standpoint
yeah,
I
kind
of
love
to
see
that
consolidation
happen.
I
I
think
the
best
way
this
is
to
approach.
This
is
just
kind
of
like
getting
the
word
out
there
to
ethereum
developers
and
they
really
drive
the
changes
in
the
market.
I
think,
if
they're
creating
with
this
interface,
you
know
it's
hard
to
ignore,
and
these
platforms
are
maybe
you
know
they
get
their
arm
twisted
into
actually
supporting
something
like
this.
So
any
efforts
to
raise
awareness
of
it's
definitely
a
good
thing.
A
B
B
It
keeps
that
recurring
revenue
for
creators
and
because
it
was
defined
up
front,
you
know
anyone
buying.
It
has
already
kind
of
bought
into
that
idea
of
royalties
yeah.
I
think
secondary
markets
are
incredibly
important.
I
definitely
think
that,
if
we're
going
to
see
more
of
it
over
over
the
development
of
this
kind
of
nft
ecosystem,
and
not
just
that
constricted
to
nft
art,
but
also
kind
of
like
other
deeds
of
ownership
that
require
royalties-
and
you
might
see
you
know-
music
rights
in
the
future
and
different
stuff.
B
So
you
know
buyers
need
to
be
aware
of
this,
so
that
would
require
I
didn't
mention
it
in
some
of
the
code
snippets,
but
that
would
require
you
know
another
indication
of
this
royalty
info
function
so
that
they
display
this
for
all
the
information
to
the
buyer
before
maybe
the
buy
just
to
see
if
they
agree
to
the
terms,
but
that's
just
yeah
I
should
I
I
think
a
lot
of
marketplaces
would
know
to
do
that.
Anyway.
A
We
recently
saw
this
nft
seal
for
eip1559,
as
you
mentioned
in
the
beginning
of
the
call
that
people
did
incredible
work
for
eip1559,
and
there
was
this
group
who
actually
sold
some
nfts
to
fundraise
and,
as
a
nation
gesture,
to
appreciate
the
work
done
by
the
group.
They
distributed
the
funds.
So
there
was
this
funny
tweet
today
morning
like
what
to
do
with
the
nfp
so
yeah
that
brought
me
to
the
thought
of
nft
secondary
market.
B
Yeah
yeah
I've
seen
now
they're
starting
to
be
used
to
incentivize.
You
know
donations
to
different
things
and
help
out
community
members
that
have
been
volunteering,
so
I
suppose
it's
kind
of
piggybacking
on
the
nft
high
brightness,
but
it's
definitely
a
nice
gesture
and
I
think
we'll
see
a
lot
more
of
that.
A
In
contribution
to
that
like
when
we
talk
about
this,
like
kind
of
fundraising
and
all
how
do
you
see
like
I'm,
just
curious
to
know
your
thoughts
on
nfd
being
used
as
an
attractive
public
good
funding,
like
I
have
seen
this
one
example
that
I
just
mentioned?
How
do
you
see
this
to
be
in
the
long
run.
B
You
know
there's
gonna
prob
like,
and
this
is
maybe
a
little
bit
more
of
a
pessimistic
viewpoint,
but
there's
probably
going
to
be
a
a
supply
demand
total
war
here,
where
you
know
supply,
is
a
lot
more
than
the
demand
and
there's
enough
teas
for
everything.
But
I
I
do
like
the
idea
of
being
able
to
prove
that
you
kind
of
contributed
to
something.
It
definitely
gives
you
that
community
feel
about
helping
out
with
a
a
greater
endeavor.
B
A
B
So
yeah,
it's
probably
worth
me
mentioning
this.
I've
I've
worked
on
this
in
on
my
kind
of
like
own
capacity
outside
of
gemini,
but
it's
public
information
that
gemini
has
got
a
vested
interest
in
nifty
gateway,
which
is
a
popular
nft
platform
and
nifty
keyword
along
with
other
marketplaces,
are
definitely
interested
in
royalty
payments,
and
you
know
the
market
sentiment.
There
is
definitely
that
they
all
want
to
do
this,
so
I
think
nfts
as
a
whole
are
interested
interesting
to
to
any
participant
really
in
the
crypto
space.
B
A
B
So
I
suppose
that
would
be
targeting
other
kind
of
smart
contract
enabled
blockchains,
and
you
know
I
this
is
something
I
I
learned
from
kind
of
getting
involved
in
ethereum
improvement
proposals.
Is
that
you
know.
Is
it
really
an
idea
of
copying
and
pasting
specifications
from
one
smart
contract
platform
to
another.
A
B
It
that
really
that
simple-
and
you
know
I
I
don't
think
it
is
you
know
for
this
one
specifically.
Potentially
you
know
it's.
It's
quite
straightforward
obviously
depends
on
what
vm
that's
more
contract
platforms
running.
You
won't
be
able
to
I
use
slowly
or
or
whatever
language,
but
for
for
for
a
lot
of
it,
the
ideas
can
be
copied,
there's
still
probably
work.
A
B
Oh
yeah
yeah,
definitely
and
like,
especially
if
you
know,
there's
a
chain
that
is
evm
compatible.
You
you've
seen
different
layer,
two
solutions
or
sidechains
manic
and
polygon.
You
know:
they've
got
these
bridges
that
you
can
lock
a
721
token
in
provably
in
a
smart
contract
and
kind
of
minted
on
their
chain,
and
you
can
do
things
with
with
it
that
way
so
like
yeah,
then
those
evm
compatible
chains
can
easily
take
advantage
of
these
specs.
I
think
that's
really
powerful.
A
Right
yeah,
this
was
interesting.
I
mean
I'd
hate
myself
for
saying
this
on
camera,
but
this
was
my
first
sincere
attempt
to
learn
how
nft
can
be
helpful
for
people
to
make
a
living,
and,
to
my
surprise,
this
is
not
as
difficult
as
I
thought
it
would
be.
So
thank
you
blaine
for
taking
out
time
and
talking
about
the
proposal
with
nice
diagrams
and
examples.
B
A
B
I
would
say
the
the
obvious
obvious
one,
which
is
just
kind
of
like
read
eip
any
questions
just
ask
in
the
github
discussion
or
jump
on
the
discord.
I'm
sure
you'll
probably
share
these
slides
everyone's
really
happy.
To
help
be
aware
of
some
of
the
nuances
that
I
mentioned
earlier,
also
kind
of
be
forward-looking.
B
Think
about
other
kind
of
nfts
that
aren't
using
this
spec
as
a
marketplace
like
how
are
you
going
to
support
those
displaying
the
royalty
information
to
users,
calculating
exactly
the
percentage
models,
using
basis
points
and
keeping
precision
and
then
sending
the
payments
so
making
sure
that
is
this
address
kind
of
like
a
contract?
If
it
is
what
are
you
gonna
do
in
that
situation?
If
it's
an
external
account,
then
what
are
you
gonna
do?
Do
you
have
delays
on
these
things
so.
A
So
there
are
plenty
of
opportunities
to
improve
this,
like
you
know,
process
for
nfd
in
general,
but
I
think
this
proposal
in
general
is
a
good
start,
so
I
hope
to
see
some
api
to
query
proposal
that
you
mentioned
like
that.
That
can
be
helpful
as
well
and
many
more
to
add,
support,
implementing
this
in
projects
and
help
growth
of
the
nft
community.
So
on
this
note
for
all
our
youtube
viewers,
thanks
for
watching,
if
you
like
it,
please
share
it
with
people
of
similar
interests.
A
A
If
you
have
any
question
for
for
the
team
or
for
the
author
we'll
try
to
relate
to
them.
Next
week
we
are
going
to
have
a
special
episode
on
mev
flashpot
with
tomas
stanza.
I'm
sure
you
don't
want
to
miss
the
opportunity,
so
stay
tuned.
Keep
watching
keep
sharing
in
love
with
the
ethereum
catalogues.