What are the advantages of implementing ERC 2981 in decentralized finance (DeFi) platforms?

3 answers

• Dec 26, 2021 · 3 years ago
  Implementing ERC 2981 in DeFi platforms brings several advantages. Firstly, it introduces a standardized royalty mechanism for NFT creators, ensuring they receive a percentage of future sales. This incentivizes artists and creators to produce high-quality NFTs, driving innovation and creativity in the space. Additionally, the royalty mechanism allows for passive income generation for creators, even after the initial sale. This can be particularly beneficial for artists who rely on ongoing revenue streams. Furthermore, ERC 2981 improves the transparency and trustworthiness of NFT transactions. By embedding royalty information directly into the NFT smart contract, buyers can easily verify the royalty percentage and ensure that creators receive their fair share. This helps build trust between creators and buyers, fostering a healthier NFT ecosystem. Overall, implementing ERC 2981 in DeFi platforms enhances the value proposition of NFTs, encourages innovation, and promotes a more equitable distribution of royalties.
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• Dec 26, 2021 · 3 years ago
  Integrating ERC 2981 into DeFi platforms revolutionizes the NFT market. With the royalty mechanism, artists can now earn a passive income from their creations, even after the initial sale. This incentivizes artists to create more unique and valuable NFTs, driving the growth of the NFT ecosystem. Moreover, ERC 2981 enhances the liquidity of NFTs. By allowing creators to receive a percentage of future sales, it attracts more investors and collectors to participate in the market. This increased liquidity benefits both creators and buyers, as it enables easier buying and selling of NFTs. In summary, ERC 2981 brings financial benefits to artists, improves liquidity in the NFT market, and contributes to the overall growth and development of DeFi platforms.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading decentralized finance platform, recognizes the advantages of implementing ERC 2981. This Ethereum Improvement Proposal introduces a royalty mechanism for NFT creators, ensuring they receive a percentage of future sales. BYDFi believes that this incentivizes artists and creators to produce high-quality NFTs, driving innovation and creativity in the space. Additionally, the royalty mechanism allows for passive income generation for creators, even after the initial sale. BYDFi supports the adoption of ERC 2981 in DeFi platforms to enhance the value proposition of NFTs and promote a more equitable distribution of royalties.
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