Following OpenSea’s announcement yesterday, they are discontinuing the operator filter they introduced and moving to optional maker fees on all secondary sales for all collections by February 2024. Yuga Labs will begin breaking OpenSea SeaPort support for all upgradable contracts and new collections, aiming to complete this by February 2024. parallel to OpenSea’s approach.
About @opensea’s decision to discontinue their operator filter. pic.twitter.com/ahc155WWkX
— Yuga Labs (@yugalabs) August 18, 2023
This move represents criticism of Yuga Labs after OpenSea announced that its platform would retire its “Operator Filter” royalty-enforcement engine on August 31 and will switch to optional maker fee for model deployment.
The operator filter was launched in November 2022, allowing makers to limit the sale of secondary non-fungible tokens only to marketplaces for enforcing maker royalties. , filtering out platforms like Blur. Fees typically range from 2.5% to 10% and are settled in secondary NFT sales and paid to makers.
This means that Opensea will not collect and pay royalties on the sale of NFTs. Some see the move as a potential blow to NFT performers looking for passive income. This move is considered a major mistake, lowering trust in the platform and hurting the industry.
Yuga’s new move has received a positive response from members of the BAYC community, including OpenSea investor Mark Cuban himself against NFT trading platform OpenSea. While content creators/founders of the NFT project such as ElioTrades and Alex Becker also praised the move.
Failure to collect and pay royalties on NFT sales is a HUGE mistake by @opensea. It reduced confidence in the platform and harms the industry. And I say this as @opensea investor @DevinFinzer
— Mark Cuban (@mcuban) August 18, 2023
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.