Following OpenSea’s announcement yesterday, they are discontinuing the Operator Filter they introduced and moving to optional creator fees on all secondary sales for all collections by February 2024. Yuga Labs will begin breaking OpenSea SeaPort support for all upgradeable contracts and any new collections, aiming to complete this by February 2024. parallel to OpenSea’s approach.
On @opensea’s decision to sunset their Operator Filter. pic.twitter.com/ahc155WWkX
— Yuga Labs (@yugalabs) August 18, 2023
This action represents criticism of Yuga Labs after OpenSea announced that its platform would discontinue its “Operator Filter” royalty enforcement engine on August 31 and will switch to model implementation optional creator fee.
The operator filter was launched in November 2022, allowing creators to restrict the sale of secondary non-fungible tokens only to creators’ royalty enforcement marketplaces. , thus filtering out platforms like Blur. Fees typically range from 2.5% to 10% and are factored into secondary NFT sales and paid to creators.
This means that Opensea will not collect and pay royalties when selling NFTs. Some see the move as a potential blow to NFT artists seeking passive income. This move is considered a big mistake, reducing trust in the platform and harming the industry.
Yuga’s new move has received a positive response from members of the BAYC community, including OpenSea investor Mark Cuban himself against NFT trading platform OpenSea. While content creators/founders of the NFT project, like ElioTrades and Alex Becker also praised the move.
Not collecting and paying royalties on NFT sales is a HUGE mistake by @opensea. It diminished trust in the platform and hurts the industry. And I say this as an @opensea investor @DevinFinzer
— Mark Cuban (@mcuban) August 18, 2023
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
