Yuga Labs Plans to Part Ways with OpenSea NFT Marketplace Following Royalty Model Change
Yuga Labs, the entity behind the popular NFT collection Bored Ape Yacht Club (BAYC), is set to halt support for OpenSea due to a change in the platform's royalty model.
In a Saturday tweet, Yuga Labs announced that it plans to wind down support for OpenSea following the upcoming removal of Operator Filter, an on-chain royalty enforcement tool.
“Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach,” the announcement reads.
OpenSea introduced Operator Filter in November last year as a means for creators to ensure that secondary sales of their NFTs only occur on marketplaces that enforce creator royalties.
This feature effectively filtered out platforms like Blur from participating in such sales.
However, OpenSea recently announced its decision to "sunset" the tool by the end of August.
The platform cited a lack of adoption within the ecosystem, loopholes that allowed platforms to bypass the tool, and pushback from creators as the reasons behind this move.
In response to OpenSea's decision, Yuga Labs took to Twitter to share the company's plan to gradually wind down its use of OpenSea's Seaport marketplace smart contract.
The company reiterated its commitment to protecting creator royalties, ensuring that creators are adequately compensated for their work.
The announcement from Yuga Labs was met with a positive reaction from the BAYC community, as well as content creators and founders of other notable NFT projects like EllioTrades and Alex Becker.
Dotta, CEO and co-founder of the Forgotten Runes Wizards Cult NFT project, expressed support for Yuga Labs' decision,
Read more on cryptonews.com
