NFTs News

Yuga Labs Opposes OpenSea On Creator Royalties

The founders of Yuga Labs are proposing a DAO-administered whitelist system to combat markets that refuse creator royalties.

OpenSea, the leading NFT marketplace, said that possibly following the trend of no longer enforcing creator royalties on secondary sales, more and more featured artists are publicizing their objections. And now that includes Yuga Labs – the company that develops the hit NFT collection Bored Ape Yacht Club (BAYC).

Yuga Labs lamented the industry’s growing trend away from paying creator royalties in a blog post that Wylie “Gordon Goner” Aronow posted today and also offered a technical method for doing so.

Yuga Labs’ recommended listing model is the opposite of what OpenSea has suggested, which is to blacklist markets that don’t fully respect creator royalties. This list will be run by the DAO.

Yuga Labs suggests that they have tools already in place to implement this proposal, but such a model needs to be configured for the benefit of the creator.

“The NFT ecosystem would be a tiny fraction of what it is today if it weren’t for creator royalties. “

However, at present, the NFT copyright issue that exists today has not achieved enough sustainability. In the Solana NFT space, nearly all secondary sales now take place on platforms that refuse creator royalties or make them optional for traders, i.e., Magic Eden has switched to the NFT royalty option model.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.