Speaking at Solana’s Breakpoint conference in Lisbon, Portugal, Magic Eden co-founder and CEO Jack Lu advocated for a new NFT standard that would “enforce royalties at a hard, technological level.”

“There is a real opportunity to give rise to a new asset class,” Lu said, adding that Magic Eden has spoken to “dozens of creators amongst many, many industries” to canvass their opinions. “Some folks really want sovereign ownership, [while] some folks really want royalty enforcement or new business models," he continued.

But Lu warned that a new standard for NFTs “will have special trade-offs,” adding that “royalty enforcing by necessity means that the creator has some level of control.”