Yuga Labs Cuts Ties with OpenSea over Optional Royalty System
Yuga Labs, the creators of the popular Bored Ape Yacht Club NFT collection, has announced its decision to sever ties with NFT marketplace OpenSea. This comes in response to OpenSea’s proposed shift to an optional royalty system.
Key Points:
- OpenSea is changing its creator fees framework, making royalties optional for new collections after August 31, 2023.
- The Operator Filter feature, which enforces creator royalties, will be disabled.
- Collections that used the Operator Filter will have their creator royalties enforced until February 29, 2024.
- Yuga Labs published an open letter criticizing OpenSea’s decision and announced plans to wind down support for OpenSea’s SeaPort.
- Yuga Labs believes in protecting creator royalties and aims to complete the process of sunsetting support for SeaPort by February 2024.
Yuga Labs’ decision is a significant blow to OpenSea, as the BAYC creators previously blacklisted marketplaces with optional royalty models. Additionally, OpenSea has halted support for the BNB smart chain, citing the need to allocate resources to more promising efforts.
Hot Take:
The controversy surrounding OpenSea’s optional royalty system highlights the ongoing debate around creator compensation in the NFT space. Yuga Labs’ decision to cut ties with OpenSea reinforces the importance of protecting creator royalties and ensuring fair compensation for artists and creators.
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