Atlas Corporation wants to Build a Tool to Calculate Secondary Fees for Wearable Creators
Lisa Gibbons · November 3, 2021 at 8:00 am UTC · 2 min read
Image from Decentraland
All the buzz seems to suggest that wearables are going to be a key mechanism for driving the love for NFTs in the metaverse. Walking around Decentraland, one Avatar can’t help but be envious of the style on display, from branded capes to a little bit of bling, wearables are certainly collectors in this virtual world.
At one point, Kraken cleverly started to drop free wearables to festival attendees who would claim them and wear them to different events. The metaverse offers endless opportunities for fashion enthusiasts and designers who want to test out their designs in a virtual space but how do they ensure that they are benefiting from the secondary wearable market?
Atlas Corporation proposes to develop an open-source dApp that can be used to determine the total amount of secondary sales for each wearable, wearable collection, and creator, and therefore the royalty fees due from the DAO to each creator.
The DAO has voted to redirect the 2.5% royalty fees from wearables sales away from the DAO and to the creators of the wearables.
Currently, the DAO Committee does not know the royalties due to each creator and the DAO dApps team is not yet in place to create such a tool.
These fees currently reside in the DAO committee wallet and could be distributed to creators if the accounts payable were known. They propose to develop a tool that allows the user to view the number of secondary sales per item, per collection. “Secondary sales” are sales that have occurred on the Decentraland Marketplace.
The calculator will be built as a decentralized application (dApp) and hosted on IPFS to avoid the need for recurring hosting costs. The application will be made open source using an MIT license and the git repo will be made public.
From fashion to games, the world of wearables is heating up. Digital Fashion label DRESSX is pushing the boundaries by taking NFTs into the real world, featuring them in live broadcasts using AR technology.
This collision of fashion and NFTs makes wearables a hot industry for the future. Furthermore, as Gaming takes center stage in the race for blockchain adoption, we are seeing soaring interest in play-to-earn games that allow players to collect and trade NFTs.
Imagine the ultimate vintage shop where the clothing doesn’t get tattered as it ages but does accrue value as it is passed from one player to the next. Teams like Atlas Corporation, Unique Network, Boolien Network, and Animoca Games are putting the power back in the hands of creators with access to unique tools that will empower NFT creators in the new metaverse economy. The future of wearables is one to watch.
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