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Yuga Labs Stops Supporting OpenSea for Removing Its Royalty Implementations
The chief reason for the recent development is the removal of Yuga Labs’ royalty enforcement instrument “Operator Filter” by OpenSea.
Bored Ape Yacht Club (BAYC) owner Yuga Labs intends to stop supporting OpenSea. The chief reason for this development is the removal of Yuga Labs’ royalty enforcement instrument “Operator Filter” by OpenSea. The respective tool was released back in November last year. It enabled the creators to limit the secondary sales of non-fungible tokens (NFTs).
Yuga Labs Halts Its Support for OpenSea as It Removes Its Royalty Enforcements
The sales targeted the marketplaces implementing creator royalties, hence filtering out forums such as Blur. Nonetheless, on the 17th of August, OpenSea disclosed that the platform will shut down the operations of the instrument. This development is to take place by this month’s end. While revealing the reason behind this move, the platform referred to the circumvention of the tool by the companies.
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Another reason is the creators’ pushback. On the next day, Daniel Alegre (the CEO of Yuga Labs) announced a significant move on X. He said that the company will gradually stop using the Seaport marketplace smart contract of OpenSea. The executive added that the firm will start the procedure of terminating support and it will expectedly end in February.
The Move Receives Positive Response from Community Members
The executive added that the company provides great importance to the protection of the creator royalties. According to the executive, this is necessary for the adequate compensation of the creators for the work they do. The respective tweet received a positive response from the BAY community members. In addition to this, Alex Becker, EllioTraders, and other such content creators praised the development.
Yuga is banning OpenSea in light of their choice to stop enforcing creator royalties
— dotta (@dotta) August 18, 2023
You love to see it
Like I mentioned yesterday, OpenSea taught us how to filter exchanges with bad behavior by giving us the OperatorFilter registry
Those of us that implemented it, now plan on…
“@dotta,” the co-founder and CEO of the NFT project named “the Forgotten Runes Wizards Cult” also supported the move. Dotta said that the response that Yuga Labs gave to OpenSea is remarkable. A famous NFT collection Pudgy Penguins’ CEO Luca Netz also responded to this development and categorized it as a “great move.”
