(LOS ANGELES, CA — September 14, 2021) – CXIP is proud to announce PA1D, a groundbreaking ERC721/ERC1155 compliant NFT smart contract technology for creators to automatically collect cross-market resale royalties for the lifespan of their NFTs.
As the most trusted NFT minting solution for creators and marketplaces, CXIP empowers all NFT market participants to seamlessly integrate its best-in-class minting software. Its new PA1D smart contract enables continuous unbroken royalties across all public marketplaces, furthering the platform’s mission to protect NFT creators. Without CXIP, NFT creators only receive resale royalties if the NFT stays within the borders of the originating marketplace. If the NFT is resold into a different marketplace, the royalties stop accruing.
“The opportunity to collect royalties from secondary sales has long been the holy grail for artists. Royalties have undeniably lured thousands of creators into the NFT space, but this big promise was not as it seemed,” says Jeff Gluck, CXIP founder and CEO, intellectual property lawyer, and artists’ rights advocate.
“Because each NFT marketplace uses its own logic, own contracts, and own fragmented minting, secondary market royalties are not being collected and distributed properly from one marketplace to another. Even if you encode and enable royalties in your smart contract, this does not mean that every marketplace can or must honor it. There has not been a standardized borderless solution for collecting and distributing NFT creator royalties across the ecosystem – until now. We invite and encourage all NFT marketplaces to integrate our enterprise API and empower creators to receive royalties that are rightfully theirs.”
PA1D is an ERC721/ERC1155 compliant NFT smart contract with logic that automatically collects and distributes creator resale royalties across all public marketplaces by properly responding to each marketplace’s unique request for royalty information. PA1D is an integrated feature within CXIP’s NFT minting platform, where creators can mint NFTs, enable royalties, and sell their NFTs in any public marketplace.
Creators can also send CXIP-minted NFTs to closed marketplaces for scheduled drops. Creators can automatically enable a 10% royalty encoded into the NFT smart contract, which collects and distributes resale royalties during the lifespan of the NFT, automatically, directly to the creator’s wallet, regardless of which secondary marketplace the NFT trades in. This is a first-of-its-kind innovation that solves NFT creator royalties once and for all.
PA1D is one of many features that makes CXIP the gold standard for NFT minting, including true provenance, on-chain identity authentication, carbon offsetting tools, double layered permanence, and the ability for creators to seamlessly register their work with the U.S. Copyright Office during minting.
Continues Gluck, “The NFT market has empowered creators to thrive, but a lack of standardized minting, unclear provenance, broken royalties, and smart contract vulnerabilities undermine the industry and expose marketplaces to immeasurable legal liability. The quality of an NFT is a direct result of how it was minted.”
The launch of PA1D follows the announcement of CXIP’s $1.7 Million seed round with investment from several funds and angel investors, including Mechanism Capital, Wave Financial, Arca, GMoney NFT, and renowned art collector Larry Warsh. Lead investors also join the CXIP Creative Counsel––an enterprise coalition founded by CXIP comprising artists, creators, collectors, and marketplaces committed to safeguarding and standardizing measures across the NFT space. Founding members include Chief Brand Officer Daniel Arsham, Lucien Smith, Jen Stark, Roger Gastman, FUTURA, and ThankYouX.
CXIP is the most trusted NFT minting software for creators and marketplaces, empowering all NFT market participants to seamlessly integrate its best-in-class minting solution. With a ‘marketplace agnostic’ approach, CXIP is planning API integrations with all major marketplaces and e-commerce platforms, and is positioned to become the gold standard universal minting software for the NFT industry. The security and authentication measures are combined with other major innovations including borderless cross-market royalties for creators, carbon offsetting, permanence, and the ability for creators to register their work with the U.S. Copyright Office.
CXIP is founded by Jeff Gluck, who for the past decade has been at the forefront of contemporary intellectual property law in the fields of art and fashion, helping artists, designers, and content creators protect their livelihoods. Gluck has recovered millions for infringement victims and has successfully resolved several landmark artists’ rights cases, helping to reshape copyright laws in favor of artists. CXIP is the next endeavor by Gluck to further expand artists’ rights and offer much needed protection for NFT collectors.