Yuga Labs to Remove Support for OpenSea’s Seaport Protocol
Yuga Labs, the creators of the popular NFT collection Bored Ape Yacht Club (BAYC), have announced that they will be blocking OpenSea’s Seaport Protocol from February 2024.
Key Points:
- OpenSea has earned over $100 million in fees from collections like Bored Ape Yacht Club and Mutant Apes.
- Yuga Labs’ decision to block OpenSea comes after OpenSea disabled mandatory royalties for existing collections.
- Yuga Labs’ collections on OpenSea are valued at nearly $5 billion, with Bored Ape Yacht Club alone generating around $2 billion.
- Yuga Labs CEO Daniel Alegre believes in protecting creator royalties and wants creators to be properly compensated for their work.
- The move by OpenSea has angered the NFT and digital art communities, with artists expressing their disappointment.
Hot Take:
Yuga Labs’ decision to remove support for OpenSea’s Seaport Protocol reflects their commitment to protecting creator royalties and ensuring fair compensation. This move highlights the ongoing debate around the role of marketplaces in the NFT ecosystem and the importance of supporting artists and creators. It remains to be seen how this decision will impact OpenSea and whether it will drive users to alternative marketplaces like Blur.
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