In a surprising turn of events, Yuga Labs, the renowned force behind the wildly popular NFT collection, Bored Ape Yacht Club (BAYC), has announced its intention to cease its support for the prominent NFT marketplace, OpenSea. The decision comes as a direct response to OpenSea’s altering royalty model, which has raised concerns within the NFT community.
Yuga Labs conveyed this decision through a tweet issued on a Saturday, revealing their plans to gradually withdraw support for OpenSea. The catalyst for this move is OpenSea’s forthcoming removal of Operator Filter, an on-chain tool designed to enforce royalty agreements for NFT creators. This tool, introduced in November of the preceding year, had offered creators a way to secure their rightful share of secondary sales of their NFTs on compliant marketplaces.
However, OpenSea has recently declared its intent to retire Operator Filter by the close of August. The reasoning cited by the platform encompasses factors such as limited adoption within the NFT ecosystem, the emergence of exploitable loopholes enabling platforms to evade the tool, and resistance from NFT creators themselves.
In light of OpenSea’s choice, Yuga Labs is embarking on a course to gradually phase out its reliance on OpenSea’s Seaport marketplace smart contract. This transition, set to be fully realized by February of 2024, is aligned with OpenSea’s own approach.
The paramount concern for Yuga Labs remains the protection of creator royalties. In their announcement, the company reaffirmed their commitment to ensuring artists are appropriately compensated for their innovative contributions. The Bored Ape Yacht Club NFT collection, celebrated for its unique and captivating offerings, has captured the hearts of collectors and enthusiasts alike. As Yuga Labs navigates this shift away from OpenSea, the eyes of the NFT community will undoubtedly remain fixed on the path ahead.
