Yuga Labs and LSLTTT Holdings, the creators of popular non-fungible token (NFT) collections, are taking measures to prevent some of their NFTs from being traded on platforms like OpenSea and Blur. Reports indicate that Yuga Labs has decided to only allow certain collections, such as Mara, to be traded on marketplaces that enforce royalty payments. This means that NFTs from these collections will not be available on OpenSea and Blur, but instead can be found on decentralized platforms like SudoSwap V2 and X2Y2. The Mara collection consists of 10,000 NFTs featuring creatures called Maras that inhabit the Otherside metaverse. These NFTs can breed and evolve, and they serve as companions to guardians called Kodas.
In the world of NFT trading, royalties are a key aspect. They involve creators receiving a percentage of the resale price whenever their NFT is sold. By setting royalties when minting the NFT, artists like Yuga Labs and LSLTTT Holdings can earn ongoing profits as their work is traded. However, OpenSea and Blur have been reducing royalty payments due to declining activity in the NFT market. In an effort to increase trading, these platforms have lowered creator fees. The average royalty payment as of July 2023 was only 0.6%, down from 2.5% in 2022. To address this issue, OpenSea introduced a policy requiring creators to include an on-chain enforcement method to receive royalties.
#YugaLabs #LSLTTTHoldings #BoredApeYachtClub #PudgyPenguins #NFT #OpenSea #Blur #SudoSwap #X2Y2
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/fin73.png
Comments are closed.