• 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.

Other news

MicroStrategy's ATM Program Remains Well-Funded

chest

MicroStrategy's ATM program has approximately $4.625 billion available for fundraising.

user avatarRajesh Kumar

Wreck League Versus Transforms Gaming with NFT-Based Mech Customization

chest

Wreck League Versus transforms the gaming landscape by combining real-time mech combat with NFT-based customization, allowing players to create unique mechs and engage in one-on-one battles.

user avatarMiguel Rodriguez

Wreck League Versus Achieves Hackathon Success with Yellow SDK Integration

chest

Wreck League Versus has been recognized by Yellow Network for integrating the Yellow SDK to enhance crosschain liquidity for its players.

user avatarArif Mukhtar

Bitcoin Price Recovers to $112,000 After Liquidation Events

chest

Bitcoin's price recovers to $112,000 after historic liquidation events, with investors focusing on risk control and tactical rebalancing.

user avatarLuis Flores

New Compliance Requirements for Virtual Asset Providers in Kenya

chest

New compliance requirements mandate virtual asset providers in Kenya to maintain a physical office and appoint at least three directors, ensuring accountability and adherence to AML/CFT standards.

user avatarMaria Gutierrez

Exodus and Zengo: The Go-To Wallets for Beginners

chest

Exodus and Zengo are highlighted for their ease of use and accessibility for beginners in cryptocurrency.

user avatarSatoshi Nakamura

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.