Neo has unveiled NEP-24, a groundbreaking standard in the realm of Non-Fungible Tokens (NFTs), aiming to revolutionize how royalties are managed in secondary sales. This standard introduces a robust framework for disclosing and distributing royalties transparently across various platforms, ensuring fairness and equity for creators.
NEP-24 enhances the functionality of existing NEP-11 NFT smart contracts by introducing the innovative “royaltyInfo” method. This feature allows contracts to specify royalty recipients and amounts dynamically, adapting to different sale prices and ensuring creators receive their due compensation.
A notable aspect of NEP-24 is its flexibility in accommodating diverse royalty structures. Contracts can allocate royalties to one or multiple recipients, with amounts calculated based on sale prices, promoting fair compensation across different marketplaces.
To promote interoperability and transparency, NEP-24 mandates the emission of a new event, “RoyaltiesTransferred,” by marketplaces for each payout recipient. This mechanism streamlines royalty distribution while fostering accountability within the ecosystem.
Early adopters like GhostMarket have already integrated NEP-24 into their platforms, showcasing its potential for widespread adoption. Additionally, the standard has been implemented in various programming languages, ensuring its applicability across different development environments.
NEP-24 signifies a significant milestone in NFT standards, promising a more equitable and efficient ecosystem for creators, collectors, and platforms alike. With its solid framework and growing adoption, NEP-24 is poised to shape the future of NFT royalties, fostering inclusivity and sustainability in the digital economy.
This initiative reflects Neo’s dedication to innovation and collaboration in blockchain technology. As the NFT space evolves, standards like NEP-24 will be crucial in driving growth, efficiency, and trust within the ecosystem.
