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Neo finalizes royalty standard for NFTs

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Neo finalizes royalty standard for NFTs

Neo has finalized its NFT royalty standard, assigned as NEP-24. The standard describes an extension of NEP-11 NFT smart contracts that will allow them to disclose royalties to be honored upon resale of the asset.

The standard describes the implementation of a new method, royaltyInfo, that NFT contracts can add and use to specify one or multiple royalty recipients. Royalty amounts are specified per recipient and can be calculated dynamically by a marketplace depending on the sales price.

This mechanism ensures that different NFT markets can agree on the correct amounts to be paid. Additionally, support for the standard requires marketplaces to emit a new event, RoyaltiesTransferred, once for each payment recipient.

Two implementation examples were provided as part of the standard. The first is taken from a GhostMarket Python NFT templateone of the first to adopt the standard, and the second was added as a new C# NFT contract example on neo-devpack-dotnet.

Developers can read more about the pattern and how to integrate it into their own projects at the link below:
https://github.com/neo-project/proposals/blob/master/nep-24.mediawiki



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