Bored Ape Yacht Club (BAYC) creator Yuga Labs is moving towards fully ending support for OpenSea. The reason being cited is the removal of Operator Filter, the on-chain tool for royalty enforcement.
Yuga Labs has in a statement announced that they will back away from supporting all new series and upgradable contracts on OpenSea SeaPort. This follows the decision by OpenSea that it would implement an optional royalty policy for the sales of all Non-fungible tokens (NFTs) on the secondary market from February next year.
Yuga Labs has set February 2024 as the date by which it will complete the transition in alignment with the approach adopted by OpenSea. This move, which is expected to protect creator royalty, his decisive decision to back creator royalties received positive feedback from the BAYC body and has received their strong backing.
Even other NFT projects like Pudgy Penguins and Forgotten Runes Wizard Cult have backed the move. The decision brings to the forefront the continuing debate within the community about creator royalties. While some have favored cheaper modern trading, others have emphasized royalty compensation.
Yuga Labs Has Revealed Its Decision To Discontinue Support For Opensea
In a statement, Yuga Labs has revealed its decision to wind back support to OpenSea. It is for all new collections and upgradable contracts and the statement came after the NFT marketplace announcement.
The Operator Filter, the on-chain royalty enforcement tool, was launched in November last year. It enabled creators to place restrictions on secondary NFT sales in marketplaces, enforcing creator royalties and thus filtering out platforms such as Blur.
The statement released by Yuga Labs mentions that the firm will begin the process of automatically terminating its support for OpenSea. It also said that Yuga Labs believes in safeguarding the royalties of creators so that they get properly compensated for their creations.