1/🧵 : ON ROYALTIES :
This is a proposed extension to ERC721 which grants NFT creators the ability to deny specific marketplaces or smart contracts the ability to spend tokens on an owner's behalf.
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2/🧵: TECHNICAL:
This proposal adds a check against an owner-defined denyList in the Approve or SetApprovalForAll functions.
There is no attempt to restrict token owners' ability to Transfer tokens.
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3/🧵 : TECHNICAL :
However, centralized sites like Sudoswap, X2Y2, & Opensea require owners to "Approve" their own contracts to transfer tokens on owners' behalf.
Creators can place the contracts of any intermediary on a "denyList" without limiting what owners can do directly.
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4/🧵 : RATIONALE :
I believe it is consistent with the ethos of crypto that creators should be given tools to deny intermediaries, or "middlemen," the right to extract profit from trade of their work...
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5/🧵 :
.. and artists should exercise their right to cut out intermediaries ESPECIALLY when those intermediaries openly disregard off-chain codes, conventions, or practices which the creator considers to be an essential part of the artwork or their career.
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6/🧵 : ALLOWLIST vs DENYLIST :
A few artists/devs ( being one) have arrived at similar solutions, but used allowLists rather than denyLists.
The denyList is a better solution because NFT contracts should be permissive of new marketplaces by default.
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7/🧵 : ALLOWLIST vs DENYLIST :
With a denyList, a contract that is not maintained (imagine the artist has died) will be operable with new marketplaces.
With an allowList, a contract that is not maintained becomes essentially invisible, not interacting with future marketplaces.
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8/🧵: NEXT STEPS:
If you care about NFT artist royalties please read the gist linked here for an overview of the proposal and an outline of the next steps.
I have submitted a pull request to create a formal EIP.
The next step is lobbying by ALL OF US.
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1/
: ON ROYALTIES :
This is a proposed extension to ERC721 which grants NFT creators the ability to deny specific marketplaces or smart contracts the ability to spend tokens on an owner's behalf.
gist.github.com/mitchellfchan/
: ON ROYALTIES :
This is a proposed extension to ERC721 which grants NFT creators the ability to deny specific marketplaces or smart contracts the ability to spend tokens on an owner's behalf.
gist.github.com/mitchellfchan/Show this thread
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Replying to
Here is a time I wrote out all of Don Quixote in clouds: youtube.com/watch?v=frHGhR
Quixotic is ALL I DO. ❤️
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