Props Labs Unveils Flagship Tool, ‘Props Gratis,’ to Unlock New Revenue Streams for Web3 Creators Amid Ongoing Royalty Debate

CINCINNATI–(BUSINESS WIRE)–Oct 19, 2023–

Props Labs, a product & innovation studio at the intersection of digital fandom, art, design, and engagement, today announced the launch of Props Gratis – an innovative tool to help creators, builders & brands monetize their work. The Gratis 721A Smart Contract enables artists and brands to own their audience through private branded sites, and the ability to take part in protocol fees and earn tips while minting on Polygon, Ethereum, or Base.

Creator royalties represent one of the core benefits of the digital collectible phenomenon – allowing artists to generate passive income on every subsequent resale of their works. However, prominent digital art platforms are opting to no longer enforce royalty fees – eliminating the mandatory collection of resale fees for artists. While major marketplaces maintain that no longer enforcing royalty fees helps to attract buyers, creators are ultimately left bearing the burden. Such policies not only diminish the inherent value of the creators themselves, the lack of royalty revenue inhibits artists’ abilities to create intricate, dynamic works and operate the entirety of their businesses.

As fewer marketplaces uphold creator royalties, Props Gratis delivers a novel free-claim tool and smart contract that opens alternative pathways for creators to monetize their work through shared processing fees and allocating collected tips from collectors. In turn, Gratis allows creators and brands the flexibility to offer free claims, paid art editions, large generative collections, and memberships to engage collectors and communities free of marketplace silos.

“Creators are constantly looking for tools to help them monetize their craft effectively,” commented Bob Ullery, Managing Partner of Props Labs. “With marketplaces reluctant to support the royalties defined in smart contracts, the need for new smart contract mechanics has never been more pressing. Props Gratis helps creators grow their brand, engage their audience, and earn a living while driving innovation.”

Props Gratis offers several features that enable creators to monetize their work, including:

  • Free for Creators: A Gratis workspace is 100% free for creators
  • Earn Fees: Collectors pay a small protocol fee to the creator who gets 100%
  • Tip Collection: Creators receive 100% of tips directly from their collectors
  • Custom Mint Sites: Creators can customize all aspects of the mint experience, including placing the mint site on their own domain or website.
  • Multi-Claim Pages: Creators can offer multiple mints at once across multiple blockchains including Polygon, Base, or Ethereum
  • Creator-Owned Contracts: Creators own the smart contract enabling them to transfer or upgrade at any point
  • Realtime Sales Segments: Allows real-time data on audiences and allocation.
  • Friend.Tech Key Gating: Allows gating of mints based on people who own your friend.tech key
  • Dynamic & Interactive Tokens: Creators can set up their tokens and metadata to change over time
  • On Behalf Minting: Send contract ownership, revenue and royalties to any wallet

“We’ve been disheartened to see major marketplaces refuse to honor artist royalties,” added David DeVore, Co-Founder of Props Labs. “This would never happen in the music industry. It’s only in this digital art space that royalties aren’t honored. Without royalties, creators aren’t generating recurring revenue. Gratis simply helps artists make more money.”

Creators, artists and brands interested in the Props Gratis capabilities can explore more and get early access through the Props Discord.

To learn more about Props Gratis and explore the Props ecosystem, visit: prime.props.app.

About Props Labs:

Props Labs is a pioneering force in the realm of blockchain, consistently introducing innovations that shape the future of decentralized systems and artificial intelligence. With a strong commitment to transparency, security, and scalability, the company remains at the forefront of blockchain advancements for brands such as Fox, IMAX, RSTLSS, Mattel, Boss Beauties, UTA, Creatures, and Deadfellaz.

View source version on businesswire.com:https://www.businesswire.com/news/home/20231019556911/en/

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KEYWORD: UNITED STATES NORTH AMERICA OHIO

INDUSTRY KEYWORD: RETAIL SECURITY TECHNOLOGY COMMUNICATIONS BLOCKCHAIN PROFESSIONAL SERVICES ONLINE RETAIL NFT ELECTRONIC COMMERCE WEB3 ARTS/MUSEUMS SOFTWARE ENTERTAINMENT DIGITAL MARKETING CRYPTOCURRENCY

SOURCE: Props Labs

Copyright Business Wire 2023.

PUB: 10/19/2023 07:31 AM/DISC: 10/19/2023 07:31 AM

http://www.businesswire.com/news/home/20231019556911/en

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