NiftyNoon: Can Limit Break’s ERC 721-C Save NFT Royalties (and Digi Daigaku)?

May 11, 2023

Nifty Thought

Limit Break has released their ERC-721C standard, which they position as "a new standard for enforceable on-chain programmable royalties." Essentially, this standard (along with its sister standard, ERC-1155C) works by giving creators control over which contracts can interact with their NFTs. This model is similar to OpenSea's operator filter, which restricts certain royalty-optional marketplaces. Limit Break also has various default security levels for the contract's security policy function.
The "royalty wars" have been waged for months since Blur's entry into the market, ushering in the age of royalty-optional Ethereum NFTs. Programmable royalties that can be enforced on a contract level are the natural next step in this saga, particularly for free-mint high-royalty collections like Limit Break's Digi Daigaku. However, these contracts add strong layers of centralization to these supposedly decentralized NFTs, as restricting certain transfers of NFTs is not far removed from restricting all transfers of an NFT outside of a centralized platform. This outcome is similar to the system for digital assets today without NFTs, which are generally locked into their respective ecosystems. A compromise between the two extremes may be the ideal scenario, but it seems that the world of NFTs has been rapidly rushing toward centralization without considering the long-term implications of this.

Co-Founder of Vora_xyz admits he is inspired after hearing Limit Break CEO, Gabriel Leydon, talk about his vision for ERC721-C and putting the power back into the hands of creators:
https://twitter.com/prollynuthin/status/1656377814533173248?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Elon Musk tweets about Milady with the floor price pumping from 3.9 ETH to 7.5 ETH, currently sitting slightly above the 5 ETH range:
https://twitter.com/elonmusk/status/1656326406618619910?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

OpenSea Pro announces Farmer Wallet Labels, with users now able to spot activity of users who frequently buy and sell through bids at a glance across the app - including the % of items they own in a collection:
https://twitter.com/openseapro/status/1656356937208852488?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Dune announces Solana Decoding is now live, marking a huge unlock for Solana builders:
https://twitter.com/duneanalytics/status/1656311489093926916?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Animoca Brands partners with ALTAVA Group to license its BAYC NFTs for ALTAVA’s BAGC project:
https://twitter.com/altavagroup/status/1656284582298394625?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Paraspace addresses community relating the March 2023 hack, sharing that the team has come together, secured the protocol’s multi-sig, and removed Yubo as well as any addresses not directly controlled by the team:
https://twitter.com/paraspace_nft/status/1656254657562578944?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Kanpai Pandas announce Panda Holders will soon receive an airdrop of $ karate token:
https://twitter.com/kanpaipandas/status/1656356407443087360?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@valueandtime buys his tattooed Moonbird back, after selling his bird for 25 ETH in June, bought back today for 4.65 ETH:
https://twitter.com/EBMDCrypto/status/1656430218985308162?s=20
Alpha Centauri Kid broken keys auction 731 ETH, with $1.35mn raised:
https://twitter.com/punk9059/status/1656412423983865856?s=61&t=JFr_Oamcl8EVKSv2M7Z1Ww

OpenSea ETH Daily Volume: 4,700 ETH (▲ 88.98%)
Blur ETH Daily Volume: 14,523 ETH (▲ 37.65%)
BTC: $27408.16 (▼ 2.56%)
ETH: $1816.37 (▼ 3.08%)
Solana: $20.31 (▼ 4.11%)
Polygon: $0.85 (▼ 5.15%)

🥔 Potatoz: 2.82 ETH (▲ 6.10%)
🏳️‍🌈 Chromie Squiggles: 9.25 ETH (▲ 4.60%)
🦧 Bored Ape Yacht Club: 44.00 ETH (▲ 3.53%)
🏴‍☠️ Captainz: 7.10 ETH (▲ 2.16%)
🧟 Mutant Ape Yacht Club: 9.69 ETH (▲ 0.64%)
🐈‍⬛ VeeFriends: 2.33 ETH (► 0.00%)

🧬 Clone X: 2.85 ETH (▼ 0.01%)
🦉 Moonbirds: 2.09 ETH (▼ 0.05%)
🥃 Proof Collective: 5.99 ETH (▼ 1.80%)
⛩️ Azuki: 13.39 ETH (▼ 2.70%)
🚬 CryptoPunks: 48.25 ETH (▼ 2.90%)
🌈 Doodles: 2.11 ETH (▼ 9.63%)
🐧 Pudgy Penguins: 3.94 ETH (▼ 9.94%)
🧝🏼‍♀️ DigiDaigaku: 3.04 ETH (▼ 10.32%)

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