Momentum

Million

Stellar

Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), is preparing to reduce its support for OpenSea due to the imminent removal of the Operator Filter, a tool designed to enforce on-chain royalties. 
Introduced in November 2022, the Operator Filter allowed creators to limit secondary sales of nonfungible tokens (NFTs) to marketplaces that upheld creator royalties, effectively excluding platforms like Blur. 
Nonetheless, OpenSea disclosed on August 17 that it would discontinue the tool by the end of the month. 
The rationale cited a lack of widespread adoption within the ecosystem, instances of platforms bypassing the tool, and opposition from creators. 
Responding to this decision, Yuga Labs CEO Daniel Alegre posted an announcement on X (previously known as Twitter), revealing the gradual phasing out of their reliance on OpenSea’s Seaport marketplace smart contract. 
In his statement, Alegre outlined that Yuga Labs would initiate the process of winding down support for Seaport across upgradable contracts and new collections. 
The objective is to complete this transition by February 2024, aligning with OpenSea’s strategy. 
Alegre underlined Yuga Labs’ commitment to safeguarding creator royalties and ensuring fair compensation for their creative efforts. 
The BAYC community responded positively to Alegre’s announcement, with prominent content creators and NFT project founders, including EllioTrades and Alex Becker, voicing their support. 
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The CEO and co-founder of the Forgotten Runes Wizards Cult NFT project, dotta, lauded Yuga Labs for taking a leading role in championing the cause of creator royalties. 
This move also garnered interest from Luca Netz, CEO of the Pudgy Penguins NFT project, who commended Yuga Labs and suggested they might follow suit. 
Netz indicated a willingness to engage in dialogue about enforcing creator royalties, as highlighted in a post by Coinbase NFT. 
The question of whether to uphold and enforce creator royalties has ignited debates within the NFT community over the past year. 
Initially, enforcing creator royalties was the norm during the NFT boom in 2021. 
However, platforms like Blur disrupted the scene in October 2022, gaining significant market share by offering zero trading fees and an optional creator royalty payment structure. 
Consequently, trading fees and royalty percentages experienced a general decline as marketplaces competed for user adoption. 
The NFT community now finds itself divided between proponents of the cost-effective trading approach offered by platforms like Blur, advocating for diverse creator compensation models, and those advocating unwaveringly for royalty payments as a necessity. 
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Bored Ape Yacht Club’s Yuga Labs to Scale Back OpenSea Support

Crypto Intelligence

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