Yuga Labs, the masterminds behind the renowned Bored Ape Yacht Club (BAYC), have announced their decision to scale down their involvement with OpenSea.
This move comes as a reaction to OpenSea’s decision to discontinue its Operator Filter, a tool that ensured the enforcement of creator royalties for Non-Fungible Tokens (NFTs) on their platform.
The Operator Filter, introduced in November 2022, empowered creators to limit secondary NFT sales to marketplaces that upheld their rightful royalties. This innovative tool was intended to filter out platforms that didn’t prioritize artists’ compensation, like Blur.
However, on August 17, OpenSea revealed that the tool will be phased out due to lack of widespread adoption and pushback from the community.
Yuga’s CEO responds to OpenSea update
Daniel Alegre, the CEO of Yuga Labs, took to Twitter on August 18 to reveal their response. In his message, he stated that “Yuga Labs would gradually reduce its reliance on OpenSea’s Seaport marketplace smart contract. This transition will cover all upgradable contracts and any new collections and is expected to conclude by February 2024.”
Alegre emphasized Yuga Labs’ commitment to safeguarding creator royalties, ensuring that artists receive their fair due for their creative contributions. This decision was met with positivity from the BAYC community and collected praise from notable figures in the NFT world, including EllioTrades and Alex Becker.
The move signifies a larger debate in the NFT space about whether enforcing creator royalties is essential or not. Over the past year, this issue has divided the NFT community. While platforms like Blur attracted attention by offering lower fees and flexible royalty models, others continue to advocate for the importance of rewarding creators for their work.
A Shift in the NFT Narrative
As NFTs continue to reshape the creative landscape, questions about compensation methods and artist rights remain at the forefront. Yuga Labs’ decision to step back from OpenSea serves as a notable development in this ongoing conversation.
In a market with diverse perspectives, Yuga Labs’ stance reflects their dedication to the creators’ cause and introduces a significant twist to the evolving NFT narrative.
