Major NFT creators Yuga Labs and Bored Ape Yacht Club reconsider listings on dominant platforms Blur and OpenSea, challenging recent royalty cutbacks.
Major players in the non-fungible token (NFT) space, including Yuga Labs Inc., creators of the Bored Ape Yacht Club and CryptoPunks, along with Pudgy Penguins collection, are reevaluating their partnerships with dominant marketplaces like Blur and OpenSea. Some are either suspending new listings or contemplating such actions, according to reports from Bloomberg.
This year, both Blur and OpenSea have significantly reduced the royalty percentages that creators receive from secondary market transactions, as they aim to boost transaction volumes in the declining NFT market. According to data analytics firm Nansen, royalties in September stood at a modest $2.4 million, a sharp contrast to the January peak of $269 million.
NFT market landscape shifts dramatically
Yuga Labs has taken the initiative to halt trading of its newest NFT collection, Mara, on Blur and OpenSea, stating that only marketplaces that maintain adequate royalties will have the privilege to list their tokens. The company even disclosed
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Author: Mohammad Shahidullah
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