• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
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

user avatar

by Max Nevskyi

2 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Analysts Boost Price Targets for Alphabet GOOGL Stock

chest

Following recent gains, analysts have raised their price targets for GOOGL stock, reflecting optimism about its future.

Wei Zhang

Lyft and Waymo to Launch Autonomous Ridehailing Service in Nashville

chest

Lyft and Waymo announced a partnership to launch an autonomous ridehailing service in Nashville, leading to a 13% increase in Lyft's stock.

Satoshi Nakamura

Alphabet GOOGL Stock Surges Following DOJ Case Win

chest

Alphabet's stock has seen significant gains after a favorable legal outcome and strong AI prospects.

Jesper Sørensen

Backed Finance Launches xStocks in Switzerland

chest

Backed Finance has registered in Switzerland to issue xStocks, digital representations of stocks like Tesla and Nvidia, attracting 30,300 unique holders.

Rajesh Kumar

Trump's Potential Meeting with Xi Jinping Gains Traction

chest

Traders on Kalshi are optimistic about a potential meeting between Trump and Xi Jinping this year, pricing in a 73% chance of occurrence.

Lucas Weissmann

Rekt Drinks' New Moon Crush Flavor Expected to Sell Out in Minutes

chest

Users on the prediction market Myriad are betting on whether Rekt Drinks' new Moon Crush flavor will sell out in under five minutes, reflecting the brand's growing hype.

Filippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.