Mark Cuban, Yuga Labs Lead Backlash Over OpenSea's NFT Royalties Change

OpenSea, a prominent NFT trading platform, is facing backlash from influential figures in the NFT space, including investor Mark Cuban and Yuga Labs, the creator of the Bored Ape Yacht Club. The controversy stems from OpenSea's recent announcement that it intends to discontinue enforcing mandatory creator royalties on secondary sales of NFTs.

Mark Cuban, a billionaire tech entrepreneur and investor in OpenSea, expressed his disappointment in the platform's decision on Twitter. He stated that not collecting and paying royalties on NFT sales is a significant mistake by OpenSea, as it erodes trust in the platform and negatively impacts the NFT industry. Mark Cuban's opinion carries weight in the NFT space due to his high-profile involvement in the crypto industry and ownership of the Dallas Mavericks.

OpenSea's decision to halt the enforcement of creator royalties is seen as a response to competition from other NFT marketplaces that have also reduced or eliminated these fees to attract buyers. Previously, OpenSea's CEO and co-founder, Devin Finzer, had vigorously defended creator fees as essential for protecting the rights of artists.

Yuga Labs, responsible for the Bored Ape Yacht Club and other NFT projects, has joined the criticism of OpenSea's policy change. In response to this decision, Yuga Labs has announced plans to begin the process of discontinuing its compatibility with OpenSea.

The controversy highlights the challenges and debates surrounding creator royalties in the NFT space, as platforms and artists navigate the evolving landscape of digital art ownership and resale rights.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR