Yuga Labs Threatens to Delist NFTs on OpenSea
Yuga Labs, the team behind the popular Bored Ape Yacht Club NFT collection, has announced plans to delist all its NFTs from the OpenSea platform. This decision comes shortly after OpenSea disabled creator royalty enforcement, sparking a heated debate within the crypto community.
Key Points:
- Yuga Labs will gradually wind down its use of OpenSea’s Seaport market platform smart contract
- The process of delisting will be complete by February 2024
- The Operator Filter, which allowed creators to enforce royalties on secondary sales, was recently disabled by OpenSea
- Notable creators and project founders have praised Yuga Labs’ move to fight for creators
- Data shows that over 80% of OpenSea’s revenue in the past 30 days comes from Yuga Labs
This move by Yuga Labs is seen as a significant blow to OpenSea, and it is expected to have a major impact on the platform’s trading performance. The debate surrounding creator royalties in the NFT space continues to heat up, with more projects considering similar actions.
Hot Take:
Yuga Labs’ decision to delist its NFTs from OpenSea sends a strong message to the crypto community about the importance of creator royalties. This move could potentially lead to a shift in how NFT platforms handle royalties, and it highlights the power that creators have in shaping the future of the industry.
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