A working group has been established by the Open Metaverse Alliance (OMA3), a coalition of major blockchain, NFT, and metaverse companies, to develop guidelines for preserving creator royalties on NFT marketplaces. Both Yuga Labs, the company behind Bored Ape Yacht Club, and Magic Eden, an NFT marketplace that was first launched on Solana, are part of this working group.

Creator royalties, which are additional fees added to secondary NFT sales and range from 2.5% to 10% in most cases, are intended to directly benefit creators. The market pressures, though, made it difficult to enforce these royalties.

In an effort to draw users away from established platforms like OpenSea, a number of upstart NFT marketplaces started to eliminate creator fees. This tactic worked because Blur's trading volume surpassed OpenSea's. Later, OpenSea decided not to enforce creator fees, which caused the Open Metaverse Alliance to express concern about the potential impact on NFT interoperability, a crucial component of metaverse development.

The Alliance thinks that creator royalties are crucial for ensuring interoperability and a more just online ecosystem, as well as for fairness and acknowledging creators' authorship.

The working group, which includes representatives from Animoca, Yuga Labs, Magic Eden, Decentraland, The Sandbox, Alien Worlds, and Upland, aims to come up with market-wide solutions, perhaps by creating common standards for NFT marketplaces. By working with OMA, Yuga Labs demonstrated its commitment to creating an open and equitable Web3 environment.

Heavyweight NFT brands threatened to obstruct platform compatibility following OpenSea's decision to stop enforcing creator royalties, signaling growing industry concerns.