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- The announcement indicates that creator royalties will be compulsory until February 29, 2024.
- New collections will not be subject to royalties after August 31, 2023.
Developers of the Bored Ape Yacht Club (BAYC) NFT collection, Yuga Labs, have declared their decision to terminate their collaboration with OpenSea. This decision comes in response to the platform’s expected shift towards a voluntary royalties model.
As per a modification to OpenSea’s creator fees framework released on Thursday, August 17, royalties will no longer be mandatory for new collections after August 31, 2023. Additionally, the NFT marketplace announced that the Operator Filter, which enforces creator royalties, will also be deactivated. The announcement specifies that creator royalties will remain obligatory for NFT collections that utilized the Operator Filter before August 31, until February 29, 2024.
In Line With OpenSea’s Strategy
Furthermore, OpenSea defended its decision in a blog entry, stating that the Operator Filter was intended to provide developers with a greater voice. However, sources within the industry suggest that it has not received the respect it deserves from the web3 community.
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In response, Yuga Labs issued an open letter on Twitter subtly criticizing this decision. The BAYC developer has revealed its plan to cease support for OpenSea’s SeaPort, a marketplace protocol that enables NFT trading.
Yuga Labs CEO Daniel Alegre remarked:
“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.”
Alegre further noted that beyond facilitating the transfer of legal ownership of digital assets, the primary goal of NFTs has been to empower creative individuals.
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