Yuga Labs to Block OpenSea
Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), will be removing support for OpenSea’s Seaport Protocol from February 2024. This decision comes after OpenSea announced the removal of mandatory royalties for existing collections.
Main Breakdowns:
– OpenSea has made over $100 million in fees from popular NFT collections.
– Yuga Labs’ collections on OpenSea have a traded value of nearly $5 billion, with Bored Ape Yacht Club generating around $2 billion.
– Yuga Labs CEO Daniel Alegre stated that they believe in protecting creator royalties and will be phasing out support for OpenSea’s marketplace.
– The NFT and digital art communities have expressed anger and disbelief at OpenSea’s decision, with investor Mark Cuban criticizing the move.
– OpenSea has also changed its fee structure, implementing a 0.5% fee on listings and offers.
Hot Take:
OpenSea’s decision to remove mandatory royalties has sparked backlash from the NFT community and could drive users to other marketplaces like Blur. The move could also impact the success of NFT marketplaces without strong intellectual property (IP). Yuga Labs’ decision to block OpenSea aligns with their belief in protecting creator royalties, but the implications for the overall NFT ecosystem remain to be seen.
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