Mark Cuban and Boad Ape Yacht Club founder Yuga Labo were among the key players speaking out on Friday. NFT trading platform OpenSea, on the company’s Thursday announcement It said it plans to abolish the enforcement of copyright royalties for creators.
Billionaire tech entrepreneur Cuban wrote, “OpenSea made a big mistake by not collecting and paying royalties on NFT sales.” twitter Friday. “It lowered trust in the platform and hurt the industry.”
A public profile of the owner of the Dallas Mavericks, long-term commitment in the crypto industry.
But given the fact that Cuban himself was an OpenSea investor and took part in the company’s $23 million, they likely stung even further. Series A funding round The NFT market is currently valued at $13.3 billion. Series C funding last year.
On Thursday, after months of building up, OpenSea announced plans to stop enforcing royalties on creators. This fee, which typically ranges from 2.5% to 10%, is paid to creators on top of secondary NFT sales.
The move is largely seen as a bow to competition from other NFT marketplaces with similar efforts. Reduce copyright fees for creators We are trying to attract buyers. As OpenSea CEO and co-founder Devin Finzer previously said, fiercely defended In order to protect the rights of creators, it is essential to reward creators.
Joining the Cuban government’s condemnation of Friday’s OpenSea decision were the creators of several high-profile NFT projects, including Yuga Labs.IIn response to this policy change, Yuga Labs will begin the process of discontinuing compatibility with OpenSea.
A spokesperson for Yuga Labs confirmed. Decryption This means the company will ban OpenSea from trading both new Yuga projects and projects with upgradable smart contracts by February 2024. To date, sales of Yuga-owned collections have generated more than $9 billion in his NFT deals across the NFT market, according to data. crypto slam.
Including other creators bettythe pseudonymous founder of the NFT project dead fellas, called for an industry-wide boycott of OpenSea. She accused the company of failing artists, especially those who are underrepresented, by abandoning its crypto-native doctrine of supporting decentralization through policies such as profit sharing.
“Emerging artists, almost every major brand and artist will never get a head start before all of this happens,” she wrote on Twitter Friday. “Innovation stagnates and reliance on VC funding needs to become the norm. I’ve said it a million times, but undervalued creators are going to suffer.”
Smaller marketplaces include: rare bull While using Friday’s opportunity to highlight its unwavering commitment to creator loyalty, some on Twitter lamented OpenSea’s decision as a doomsday for industry-wide practices. OpenSea represents the largest he NFT trading platform that still adheres to this policy.
In response to such anxiety, digital artists Fukulender Believing in consumer unity, he countered, saying, “We will stop using OpenSea. We will sink, and they will sink.”
