{"id":7346,"date":"2023-05-19T19:09:51","date_gmt":"2023-05-19T19:09:51","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/19\/what-is-erc721-c-and-why-should-you-care\/"},"modified":"2023-05-19T19:09:51","modified_gmt":"2023-05-19T19:09:51","slug":"what-is-erc721-c-and-why-should-you-care","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/19\/what-is-erc721-c-and-why-should-you-care\/","title":{"rendered":"What is ERC721-C and Why Should You Care?"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Limit Break may have just saved NFTs with the creation of ERC721-C. This upgrade to Ethereum\u2019s ERC721 token standard dramatically increases creators\u2019 control over royalties. What is the ERC721-C standard?<\/p>\n<figure id=\"attachment_104575\" aria-describedby=\"caption-attachment-104575\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card.png\" target=\"_blank\" rel=\"noopener\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-104575\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card.png\" alt=\"Limitbreak just unveiled the ERC-721-C standard\" width=\"1200\" height=\"630\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card.png 1200w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card-300x158.png 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card-1024x538.png 1024w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card-768x403.png 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card-107x56.png 107w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card-150x79.png 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card-450x236.png 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><\/noscript><\/a><figcaption id=\"caption-attachment-104575\" class=\"wp-caption-text\">Limitbreak might have just solved the controversy over royalties in the NFT space<br \/>Image Credit: Limit Break<\/figcaption><\/figure>\n<h2><span id=\"What_is_ERC721-C\"><strong>What is ERC721-C?<\/strong><\/span><\/h2>\n<p>Quite simply, ERC721-C allows for programmable royalties. Limit Break, the free-to-play gaming studio behind <a href=\"https:\/\/nftevening.com\/thousands-of-free-digidaigaku-dragon-nfts-from-limit-break-this-super-bowl-sunday\/\" target=\"_blank\" rel=\"noopener\">DigiDaigaku<\/a>, introduced the new technology earlier this month. Projects can now opt-in to the ERC721-C standard at any time.\u00a0 After that, individual NFT holders can also choose to opt in to gain the full benefits of the upgrade.<\/p>\n<p>This advancement adds many interesting new options for project founders. For example, projects can set royalties to zero for any NFT that sells beneath the mint price. This helps address a common complaint some collectors have raised\u2013 if a project fails to gain traction and minters lose money by holding, should they be forced to pay a royalty on top of their loss?\u00a0 Opinions are varied, but at least with ERC721-C, projects have the option of eliminating royalties in this situation.<\/p>\n<p>Additionally, projects can program royalties to only kick in any given NFT on the fifth time (or sixth, tenth, etc) it\u2019s been sold. This can be advertised as a selling point to help attract minters during a down year for NFTs.<\/p>\n<p>Projects can also decide to reward their most loyal holders using ERC721-C. Let\u2019s say a project wants to award anyone who has held an NFT for more than a year. The project can turn off royalties for these holders by eliminating royalties as a thank you for their support.<\/p>\n<p>Sharing royalties between projects and holders is another compelling use case for ERC721-C. By offering revenue based on the project\u2019s success, NFT collections can truly create a Win-Win mentality between teams and founders.<\/p>\n<p>Most importantly, however, projects can use ERC721-C to hard code royalties into the NFTs themselves. By doing so, projects can guarantee platforms like <a href=\"https:\/\/nftevening.com\/blur-overtakes-opensea-and-gas-fees-soar\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">Blur<\/a> and <a href=\"https:\/\/nftevening.com\/what-is-opensea-a-guide-to-the-most-popular-nft-marketplace\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">OpenSea<\/a> can\u2019t set royalties to zero. This is hugely important for the future of Web3.<\/p>\n<figure id=\"attachment_104576\" aria-describedby=\"caption-attachment-104576\" style=\"width: 884px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-104576 perfmatters-lazy\" alt=\"Blur and OpenSea have waged an epic battle for NFT exchange supremacy\" width=\"884\" height=\"482\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea.jpg\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea.jpg 884w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-300x164.jpg 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-768x419.jpg 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-103x56.jpg 103w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-150x82.jpg 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-450x245.jpg 450w\" data-sizes=\"(max-width: 884px) 100vw, 884px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-104576\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea.jpg\" alt=\"Blur and OpenSea have waged an epic battle for NFT exchange supremacy\" width=\"884\" height=\"482\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea.jpg 884w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-300x164.jpg 300w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-768x419.jpg 768w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-103x56.jpg 103w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-150x82.jpg 150w,   https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/Blur-Opensea-450x245.jpg 450w\" sizes=\"(max-width: 884px) 100vw, 884px\"\/><\/noscript><\/a><figcaption id=\"caption-attachment-104576\" class=\"wp-caption-text\">The war between OpenSea and Blur has had huge collateral damage on the NFT space<br \/>Image Credit: Chain Witcher<\/figcaption><\/figure>\n<h2><span id=\"Why_are_royalties_important\"><strong>Why are royalties important?<\/strong><\/span><\/h2>\n<p>Since Blur disrupted the NFT market with its zero royalty platform, NFTs have suffered. <a href=\"https:\/\/boxmining.com\/blur-token-airdrop-guide\/\" target=\"_blank\" rel=\"noopener\">Airdrop<\/a> farmers have taken advantage of not paying royalties and poured massive volume into wash trading NFTs.\u00a0 In the process, these farmers took the fungibility out of non-fungible tokens and destroyed many projects\u2019 floors, making NFTs feel more like altcoins than anything else.<\/p>\n<p>Not only does this put small traders at a disadvantage, but it also has soured many creators on Web3. Projects rely on royalties to pay operational costs.\u00a0 Once they are taken away, founders have significantly less incentive to build and continue to improve projects.<\/p>\n<p>Now that projects can use ERC721-C to enforce royalties, there should hopefully be a return to normalcy for NFTs. Projects will have the necessary war chests to run their businesses and founders won\u2019t need to feel animosity towards their communities for avoiding royalties. Furthermore, there will be a new range of utility teams can offer their holders. This should help usher in a new NFT cycle in which projects and communities are more closely aligned.<\/p>\n<p>\u00a0<\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/nftevening.com\/what-is-erc721-c-and-why-should-you-care\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limit Break may have just saved NFTs with the creation of ERC721-C. This upgrade to Ethereum\u2019s ERC721 token standard dramatically increases creators\u2019 control over royalties. What is the ERC721-C standard? Limitbreak might have just solved the controversy over royalties in the NFT spaceImage Credit: Limit Break What is ERC721-C? Quite simply, ERC721-C allows for programmable [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/lb-social-card.png","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/7346"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=7346"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/7346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/7347"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=7346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=7346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=7346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}