Yuga Labs, the creator of popular NFT projects like Bored Ape Yacht Club
intends to sever ties with OpenSea due to the platform’s shift to a royalty-optional model. In a statement, Yuga Labs CEO Daniel Alegre expressed the belief in protecting creator royalties and ensuring proper compensation for their work. Yuga Labs plans to sunset support for OpenSea’s SeaPort for all upgradable contracts and any new collections by February 2024. It has previously blocked marketplaces that do not enforce creator royalties, such as Blur and SudoSwap. In 2022, Yuga Labs earned around $148 million in royalties from its NFT projects.
Key Points:
- Yuga Labs is cutting ties with OpenSea over its shift to a royalty-optional model.
- The company believes in protecting creator royalties and ensuring fair compensation.
- Yuga Labs plans to sunset support for OpenSea’s SeaPort by February 2024.
- It has previously blacklisted platforms that do not enforce creator royalties.
- In 2022, Yuga Labs earned $148 million in royalties from its NFT projects.
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Hot Take:
Yuga Labs’ decision to sever ties with OpenSea highlights the importance of creator royalties in the NFT space. By taking a stand and blocking marketplaces that do not prioritize fair compensation, Yuga Labs is setting a precedent for the industry. This move may encourage other creators and platforms to prioritize and protect the rights of artists in the NFT ecosystem.
