Bored Apes Creator Yuga Labs and Magic Eden Collaborate to Fix NFT Royalties Problem – What's Going On?
The consortium of major Web3 companies OMA3 (the Open Metaverse Alliance for Web3), has formed a working group to find the best way to standardize creator royalties on non-fungible token (NFT) marketplaces - and to ensure they stay there.
According to a tweet,
The group is "announcing OMA3's defense of NFT creator royalties, including the support of Magic Eden, Yuga Labs, Animoca Brands, and the rest of our fantastic membership. We welcome the NFT Community to join OMA3 and reinforce our efforts."
The new working group will focus on protecting creator royalties, possibly by creating universal standards for all NFT marketplaces, Decrypt reported.
Creator royalties are fees added to secondary sales of NFTs, which go to creators, not the platform.
However, the marketplaces started removing these fees, likely due to the ongoing crypto winter.
As it proved successful when Blur arrived on the scene, others followed suit.
In August, OpenSea said it would retire the Operator Filter for new collections, which had functioned as an enforcement tool for creator royalties. Existing NFT collections will have royalties enforced until February 29, 2024.
Blur today stands as the top NFT marketplace per volume, surpassing OpenSea, per DappRadar.
Blur's 24-hour volume is $4.5 million, and its 30-day volume is $125 million. OpenSea recorded $1.58 million in volume over the last day and $58 million in 30 days.
Soon after OpenSea's announcement, Yuga Labs said it would sunset support for the platform for all upgradable contracts and new collections.
"Creator royalties are not just integral to the fairness principle, or respecting the authorship of creators," Robby Yung, Animoca Brands CEO, told Decrypt, adding:
"They’re also key to
Read more on cryptonews.com
