|Sustainability for investors and creators alike|
|A smart contract NIM functionality. NIM has developed this functionality in a permissioned and secure network environment by adding the role of holder/user. People in these roles perform specific actions, and all receive royalties. However, holders don’t approve or transfer the Copyright the way an owner/creator does, nor should they…|
So far, NIM has implemented this functionality off-chain and (sort of) on-chain in a smart contract by temporarily transferring the ownership to a new receiver of royalties with automatically reverting that “ownership” to the owner/creator at the end of that time.
However, that means two on-chain transactions at the start and end times. For NIM separately, it was no big deal. However, the challenge of usage (aka holders) rights management in (for instance) gaming and real estate makes it necessary to establish a unified standard to facilitate collaboration across the Internet.
Adding (temporary) holders/users enables multiple protocols to integrate and build on top of those rights. At the same time, expiration facilitates the automatic ending without a second transaction on the chain (costing gas). The standard ERC-4907 (originally an extension of ERC721, but NIM expanded that to include ERC1155) implements the time-limited role of ‘holder’ and authorizes automatic termination through the ‘expiry’ function.
Consequently, NIM no longer needs to “manually” off-chain withdraw holder rights – complicated by multiple simultaneous leasing of Copyrights assets – resulting in reduced gas costs.
What does it mean for the creators and NIM? The rise of the Metaverse and Play-to-Earn (P2E) established unprecedented functionality and usability of the asset. Gamefi, valued at $21 billion in the $170+ billion gaming industry, requires contributions. In the metaverse, it helps builds virtual communities and digital economies, further increasing usability. At NIM, we see the gamefi industry as another way of growing the royalties payments to creators.
And, 1.5% of $21 billion is a pretty addition to our Passive Income investment offering (a potential of $0.32 per NIMPI).
At NIM, we have built our technology platform for ownership and transfer of royalties on the ERC1155 standard (semi-fungible), calling them CopyrightShares (still do).
The critical function of NIM was to ensure a risk-free and seamless transfer of the right to receive royalties without compromising the ownership model. And to separate the rights of ownership and “use” of NFTs (definition is from the gaming industry).
So far, NIM has depended on the use of collateral to protect creators/owners, and we still do in terms of leasing/lending out the right to receive royalties.
A dual role via ERC-4907 is the best architecture for separating owner and holder rights due to its easy implementation, security, and high level of compatibility. The ‘holder’ role allows access to the address, allowing holders to receive royalties (within a period) without granting the right to transfer Copyrights.
ERC-4907 enables seamless integration without codes, enhancing interaction among all parties adopting the standard.