Bored Apes Creator Yuga Labs and Magic Eden collaborate to tackle NFT royalty concerns

Bored Apes Creator Yuga Labs and Magic Eden collaborate to tackle NFT royalty concerns

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by Max Nevskyi

3 years ago

A coalition of prominent Web3 enterprises, known as OMA3 (the Open Metaverse Alliance for Web3), has established a task force with the objective of devising optimal methods for standardizing compensation for creators within non-fungible token (NFT) marketplaces, with a commitment to maintaining these standards.

The group is "announcing OMA3's defense of NFT creator royalties, including the support of Magic Eden, Yuga Labs, Animoca Brands, and the rest of our fantastic membership. We welcome the NFT Community to join OMA3 and reinforce our efforts.

The task force is formed to protect creators' earnings through potential universal marketplace guidelines, per Decrypt. Creator royalties, which benefit creators instead of platforms, were being phased out in NFT marketplaces due to the crypto market downturn.

Blur led this initiative successfully, prompting other platforms to follow suit.

OpenSea, in August, announced the discontinuation of its Operator Filter for new collections, which enforced creator royalties until February 29, 2024, for existing NFT collections.

Blur currently outperforms OpenSea in trading volume, with a 24-hour volume of $4.5 million and a 30-day volume of $125 million, while OpenSea reported $1.58 million in the last 24 hours and $58 million in the past 30 days, according to DappRadar data.

Bored Apes Creator Yuga Labs and Magic Eden collaborate to tackle NFT royalty concerns - news

Source: DappRadar

Following OpenSea's declaration, Yuga Labs swiftly announced its decision to discontinue support for the platform across all modifiable contracts and fresh collections.

"Creator royalties represent more than just a fundamental aspect of fairness or a demonstration of respect for creators' authorship," commented Robby Yung, CEO of Animoca Brands, in remarks to Decrypt.

They’re also key to interoperability: Why would I want to share my content with other people, unless I have the ability to benefit from royalty payments in the future? Otherwise, we should just go back to Web2, where nobody shares anything.

OMA3's website hosts an NFT Working Group, led by Alfred Tom, CEO of Wivity, who acts as the Chair.

The NFT Working Group (NFTWG) focuses on improving NFT functionality, security, and user-friendliness. They work on specifications and solutions for NFT royalties, aim to harmonize NFT licenses, combat NFT fraud, and promote best practices for NFT creation and use.

OMA3 is a decentralized autonomous organization (DAO) functioning as a consortium of Web3 metaverse platform creators, including The Sandbox, Animoca Brands, Alien Worlds, Dapper Labs, Decentraland, MetaMetaverse, Space, SuperWorld, Upland, Voxels, Unstoppable Domains, and Wivity.

The alliance has expressed its objective to establish a foundational framework to enable the metaverse to function as a cohesive ecosystem. Within this ecosystem, digital assets such as NFTs, identities, and data would be freely accessible and compatible for all, under the control of users rather than platforms.

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