Mark Cuban And Yuga Labs Weigh In On OpenSea Creator Drama: 'Not Collecting And Paying Royalties On NFT Sales Is A HUGE Mistake'
The controversy surrounding OpenSea's decision to change its creator royalties policy has garnered attention from notable figures in the NFT and cryptocurrency space, including Mark Cuban and Yuga Labs.
Mark Cuban, who invested in OpenSea in multiple funding rounds in 2021, expressed his opinion on the matter. He stated that not collecting and paying royalties on NFT sales is a significant mistake. This viewpoint aligns with the concerns of many artists and creators who rely on NFT royalties as a source of income. Cuban's investment in OpenSea likely gives his perspective added weight in the ongoing discussion.
On the other side of the debate, Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and Mutant Ape Yacht Club, has publicly criticized OpenSea's decision. Yuga Labs CEO Daniel Alegre emphasized their commitment to fostering an ecosystem where creators are rewarded for their work. In response to OpenSea's policy change, Yuga Labs announced its intention to phase out support for OpenSea's SeaPort and hinted at the possibility of launching its own NFT marketplace. Their move reflects the belief that protecting creator royalties is essential to the NFT space.
The dispute between OpenSea and Yuga Labs underscores the broader debate within the NFT community regarding the treatment of creators and royalties. OpenSea's decision to shift from mandatory to optional creator fees on secondary sales has sparked concerns about how artists and creators will be compensated in the future.
As the NFT space continues to evolve, issues related to royalties, ownership, and compensation for creators will likely remain at the forefront of discussions within the community. It will be interesting to see how this controversy unfolds and whether it leads to changes in the NFT marketplace landscape.
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