Yuga Labs has issued a warning to NFT marketplace OpenSea, stating that it will sever ties with the platform if it proceeds with its plan to introduce a royalty-optional model.
OpenSea, the popular NFT marketplace, has announced that it will disable its royalty enforcement tool, the OpenSea Operator Filter, in a move that has sparked controversy among creators and collectors.
Creator fees for new NFT collections will become optional starting August 31.
Mark Cuban, a prominent billionaire investor, has expressed strong disagreement with OpenSea’s decision to shift to an optional royalty model, stating that it is a “huge mistake” that will have far-reaching consequences. Cuban believes that the decision will not only impact the current NFT market but also limit the potential for future applications that could go beyond collectibles. His comments echo those of Yuga Labs, the company behind popular NFT collections such as Bored Ape Yacht Club (BAYC), who have also criticized the move. The crypto community is closely watching the developments, as the decision could have significant implications for the future of the NFT market.
Yuga Labs, the company behind popular NFT collections such as Bored Ape Yacht Club (BAYC), has announced that it will sever ties with OpenSea, the leading NFT marketplace, if it proceeds with its plan to introduce a royalty-optional model. In response to Yuga Labs’ concerns, OpenSea confirmed that it will disable its OpenSea Operator Filter and introduce an optional creator fee on all secondary sales for all collections by February 2024. This move has sparked controversy within the NFT community, with some creators expressing concerns that it may impact their ability to monetize their work.
Yuga Labs, the company behind popular NFT collections such as Bored Ape Yacht Club (BAYC), has announced that it will gradually phase out support for OpenSea’s SeaPort feature for all upgradable contracts and new collections. This move is expected to be completed by February 2024, in line with OpenSea’s plan to introduce an optional creator fee model. Yuga Labs’ decision to sunset support for SeaPort reflects its disagreement with OpenSea’s new approach, which it believes will negatively impact the NFT market.
“For as much as NFTs have been about users truly owning their digital assets, they’ve also been about empowering creators,” he added. “Yuga believes in protecting creator royalties so creators are properly compensated for their work.”
Mark Cuban, a prominent investor and owner of the Dallas Mavericks, has publicly criticized OpenSea’s decision to transition to an optional royalty model for NFT creators. Cuban believes that this move will damage the trust in the platform and harm the NFT industry as a whole. Interestingly, Cuban is an investor in OpenSea, which makes his criticism even more noteworthy.
In a response to someone who supports OpenSea’s decision, Cuban argued that the move is misguided. He pointed out that buyers are aware of the royalties before they purchase an NFT, and creators have the ability to set the royalty to zero as part of the smart contract that mints the NFT. Cuban believes that this change is not a smart move, but rather a desperate attempt to boost sales.
Mark Cuban, a prominent investor and owner of the Dallas Mavericks, has expressed strong concerns about OpenSea’s decision to transition to an optional royalty model for NFT creators. Cuban believes that this approach will have a negative impact on the future of NFTs, limiting their potential applications and stifling innovation in the space. He emphasizes that the most significant opportunities for NFTs lie beyond collectibles, and OpenSea’s decision may hinder the growth of the industry.
In addition, OpenSea has announced the discontinuation of support for Binance’s BNB Smart Chain (BSC) due to a need to reallocate resources towards more promising endeavors. The company has determined that continuing to support BSC would not be worth the impact it would have on their resources. This move is seen as a strategic decision to focus on the most promising areas of the NFT market.
Earlier, BitcoinWisdom reported on the launch of OpenSea Pro, a cutting-edge NFT marketplace aggregator. With this new platform, users can access the best deals and insights across 170 marketplaces, as well as utilize advanced tools that automate the process, according to OpenSea’s announcement.
