Major NFT Creators Reconsider Listings on Blur and OpenSea
Yuga Labs Inc., the creators of popular NFT collections like Bored Ape Yacht Club and CryptoPunks, are rethinking their partnerships with dominant NFT marketplaces Blur and OpenSea. This comes as both platforms have recently reduced the royalties that creators receive from secondary market transactions, in an attempt to boost NFT transaction volumes.
According to reports, Yuga Labs has already halted trading of its latest NFT collection, Mara, on Blur and OpenSea. The company stated that it will only list its tokens on marketplaces that maintain adequate royalties. This move by Yuga Labs highlights the changing landscape of the NFT market.
Blur initially gained traction in the market with its low-fee structure, surpassing OpenSea and prompting a reevaluation of fee policies. Currently, Blur charges a base royalty fee of 0.5%, while OpenSea has transitioned to optional creator fees. Together, these platforms account for about 70% of all NFT transactions.
Hot Take: NFT Creators Push for Fair Royalties
The decision by major NFT creators like Yuga Labs to reconsider listings on dominant platforms Blur and OpenSea sends a clear message: they demand fair royalties for their work. As the NFT market evolves, creators are taking a stand against platforms that reduce their earnings from secondary market transactions.
This shift in the market landscape reflects the growing power of creators in the NFT space. By choosing to partner with marketplaces that prioritize adequate royalties, creators can protect their interests and ensure they receive appropriate compensation for their digital assets.
While platforms like Blur and OpenSea have been instrumental in driving the growth of the NFT market, they must now adapt to the changing demands of creators. As the industry matures, fair compensation for creators will become increasingly important to sustain the growth and success of the NFT ecosystem.
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