As the dynamic nature of NFT art and income generation continues to evolve, Vitruveo introduces a new way to reap ongoing revenue from NFT art — without selling, or minting new tokens.
Vitruveo, the layer-1 creator-centric blockchain, today announces the launch of License Tokenization for content-creators on its platform, enabling artists to reap recurring income from their work without selling their NFTs outright, and without minting replicas of the original artwork. Unlike conventional Web3 scenarios where creators are confined to a single revenue stream from NFT sales, License Tokenization introduces new and versatile forms of income for creators that vastly broadens the scope of the NFT art economy.
License Tokenization brings Web3 NFT art in line with the software industry, where creators can license the same asset for various use-cases, allowing creators to produce a single product and sell it in unlimited quantities for minimal cost. While the scarcity of the art is preserved through NFT editions, the scalability and income potential are greatly expanded with License Tokenization, heralding what Vitruveo dubs as ‘NFT 2.0’.
NFT royalties have until now proved to be a sticking point for major players in the NFT space. NFT platforms such as OpenSea, Rarible and others have taken vastly different approaches to the question of NFT royalties, with some opting to enforce secondary sales royalties, while others have left it up to the creators. This disconnect between different platforms has resulted in a splintered NFT space, making it difficult for creators to reliably predict the income from their work.
Vitruveo implements Creative Commons licenses for NFT artworks on its platform, enabling not only new, recurring revenue streams for creators, but also helping to standardize a process which was previously complex and difficult to comprehend.
“License Tokenization is fundamental to Vitruveo because we want to enable wealth creation for creators while bringing the process up to the standard seen in other industries,” says Nik Kalyani, CEO & Founder of Vitruveo. “It is also standards compliant thanks to our adoption of Creative Commons licenses, because standards mean easier comprehension, adoption, and scalability.”
Vitruveo’s License Tokenization introduces novel licensing types offering unprecedented flexibility for creators:
- NFT (Elastic Editions): This license allows creators to set edition sizes and prices, but with the innovative “Elastic Editions” feature, buyers can dynamically adjust the edition size by paying a premium, providing a flexible and buyer-driven approach to scarcity.
- Stream License: The growing adoption of display frames to replace physical art pieces in living rooms, offices, hotel lobbies, airports, hospitals etc. provides a great opportunity for artists to monetize their entire portfolio in perpetuity for passive income. Vitruveo is enabling a subscription-based model for artwork playlists, a feature best described as “Spotify for Art.”
- Print License: Designed for consumers or consumer goods manufacturers, this license enables the printing of artworks for a fee and volume discount. Vitruveo’s VTRU Gallery facilitates collaboration between creators and consumer goods manufacturers, allowing curators to become distributors and monetize curated artworks through microsites.
- Stock License: Designed primarily for agencies that always need fresh new creative content for marketing, a Stock license enables creators to consign collections of their work so agencies can easily use it for marketing campaigns without the hassle of individual contracts and licensing terms.
“NFT 1.0 was a general purpose concept that showed us what’s possible,” Kalyani said. “With NFT 2.0, Vitruveo is making it possible for the 84% of the art industry that is still not in Web3 to test the waters in an environment created just for them with elements of Trust, Industry Standards, familiar User Experience and most important — radically improving business models and eliminating inefficiencies.”
Vitruveo’s Licensing Architecture not only transforms the revenue landscape for creators but also addresses the need for scalability and standardization in the rapidly evolving Web3 art space.
To learn more about Vitruveo visit website. Creators can signup on its waitlist for onboarding starting March 2024.
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