Can a brand new non-fungible token (NFT) platform lastly resolve the issue of ecosystem-wide royalties?
NFT platform Recur introduced on Thursday a $5 million seed spherical led by the DeFi Alliance, Delphi Digital, Ethereum co-founder Joe Lubin, and Gemini, amongst others.
The increase claims plenty of notable superlatives, together with the primary seed funding within the NFT ecosystem from business veteran Gary Vaynerch, in addition to the most important seed spherical ever for a NFT venture (Dapper Labs has raised many multiples extra money over its three yr fundraising historical past, however largely in Collection A rounds).
At the moment there are a selection of platforms that enable NFTs to impart royalties to artists after each secondary market sale, together with Basis, Zora, and Euler Beats developer Treum. Recur’s key innovation can be a ERC token normal that can enable royalties to perform no matter platform.
“RECUR’s technical team is involved in the official process for Ethereum improvements (EIP), and our technology will be implemented at the blockchain layer,” mentioned Recur co-CEO Zach Bruch. “By doing this it will allow the NFTs minted on our platform to move freely around the ecosystem while still generating recurring royalties for the owners and IP holders. Ultimately, our goal is to make NFTs chain-agnostic and keep NFTs and royalties decentralized.”
Bruch didn’t reference a particular EIP his staff is engaged on. Comparable proposals, corresponding to EIP-2981, which provides normal royalty performance to the ERC-721 NFT normal, are additionally within the works.
Whereas the NFT house is rising more and more crowded (and Recur’s royalties will presumably be relevant ecosystem large) one different approach to stand out is thru headline-grabbing licensing and mental property acquisition. To that finish, Recur is bringing some former media business heft to the fore by way of former Disney executives Stephen Teglas and Chris Heatherly. Teglas specifically held a place with Disney’s Licensing division.
“RECUR is working with some of the largest brands in the world which will be announced in the coming months,” mentioned Bruch. “We are exclusively working with Blue Chip brands to help them bring their IP to the largest audiences possible.”
The press launch says the primary Recur “brand experience” can be launched in the summertime of 2021.