Yuga Labs of Bored Apes fame draws away from OpenSea over royalty fee policy

Yuga Labs, the issuer behind the popular Bored Ape Yacht Club NFT collection, has announced its decision to withdraw support from parts of OpenSea's trading platform. This decision comes in response to OpenSea's announcement of transitioning to optional creator fees.

OpenSea's move includes discontinuing its Operator Filter, which allowed NFT creators to enforce creator fees and royalties by blocking transactions from parties who did not respect those fees. The filter will be sunset on August 31, but non-Ethereum collections and collections that enabled the feature before August 31, 2023, will still be able to enforce fees until February 29, 2024. After this date, creator fees will become optional.

In reaction to these changes, Yuga Labs has stated that it will cease support for Seaport, which is OpenSea's marketplace contract. This decision will impact all of Yuga Labs' upgradeable contracts and new collections, although the specific NFT collections affected were not mentioned in the announcement.

Yuga Labs intends to synchronize its actions with OpenSea's transition, planning to end support for Seaport by February 2024.

Yuga Labs is known for several successful NFT collections, including the Bored Ape Yacht Club, which is currently one of the most actively traded NFT collectibles on OpenSea. The Bored Ape Yacht Club has seen substantial trading volume, with 1,402 ETH (approximately $2.4 million) traded within a 24-hour period. Yuga Labs is also responsible for other notable collections such as CryptoPunks, Meebits, and various spinoffs of the Bored Ape Yacht Club, including the Mutant Ape Yacht Club.

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