Frame, an upcoming blockchain focused on NFTs, has concluded a funding round led by Electric Capital, a prominent venture capital firm. Other investors include Ray Chan, the founder of 9gag, Luca Netz, and 0xMaki, the former CEO of Sushiswap.
Alongside the funding announcement, the project has launched an airdrop of its native FRAME token for NFT traders who have been active through the bear market. While the Frame mainnet is slated to launch next month, the token will not be tradeable until an unspecified future date.
Anyone who has traded an NFT on Ethereum over the past two years is eligible for the first phase of the airdrop, dubbed ‘Chapter 1.’ The number of tokens received is dependent on trading volume and royalties paid. Subsequent phases will reward usage of the Frame network once it goes live.
Frame aims to build a creator-friendly network with royalties enshrined at the network level, owned and governed by the NFT community through the FRAME token, whose launch will coincide with the release of the Frame Mainnet.
By empowering creators and collectors with ownership and decision-making power, Frame aims to address one of the main challenges faced by NFT creators, where leading marketplaces like Blur and OpenSea no longer enforce creator royalties.
Frame isn’t alone in attempting to address the royalty issue, which has been a hotly contested topic over the past year. Earlier this month, the RARI Foundation unveiled its own Layer 3 blockchain, RARI Chain, which will similarly enforce royalties at the node level.
Source: The Defiant
