- This topic has 0 replies, 1 voice, and was last updated 1 week, 5 days ago by ansi09.
- Thursday, November 24th, 2022 at 16:15 #410043ansi09Participant
>📣 Updates to MIP-1 — A new asset class that enforces creator royalties. Now live on GitHub [https://github.com/metaplex-foundation/mip/blob/main/mip-1.md](https://github.com/metaplex-foundation/mip/blob/main/mip-1.md)
>Read on for the TL;DR 👇
>We’re expanding creator controls and options — Creators will be able to determine which programs and rules apply to the NFTs they create. Metaplex will create a default set of rules that will enforce royalties that creators can use for convenience if they wish.
>Our expanded options for creators will make interoperability with other programs and dApps much easier. Creators can authorize programs they trust to interact with their NFTs, making the new asset class compatible with existing staking contracts and other escrow-based solutions.
>Migrating existing NFT collections to the new royalties enforcing asset class will be supported and we added a new option for creators to initiate a migration with a 14-day notice to holders. Collections will be able to migrate in full, no individual NFTs left behind.
>We adjusted several aspects of our proposal based on the feedback we received. No more MPLX staking requirements for marketplaces, our goal is to create a reliable layer of protection for creators by adding as little friction as possible for them and other ecosystem players.
>We also received feedback about self-transfers and wallet linking. We believe that a wallet linking solution via Identity NFTs might be needed to ensure royalties are paid but we’re removing wallet-to-wallet restrictions from our initial solution to further refine our approach.
>Enforcing royalties is the 1st application of a new asset class we call “Programmable NFTs”, we’ll share details about how they’ll work in MIP-2 soon. Programmable NFTs will coexist with NFTs as we know them today, creators & developers will be able to choose which type they use.
>Metaplex is committed to building in the open. We appreciate all the feedback we receive and we’re excited to share this updated solution with the community. If you’re a creator and want to be amongst the first to use it, email us at [email protected]!
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