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Bored Ape Yacht Club creator to block OpenSea in fight over payments
Yuga Labs owns Bored Ape Yacht Club, CryptoPunks, Meebits, and other NFT series. | Illustration by Alex Castro / The Verge
Two of the biggest names in the NFT space are clashing over the future of how the tokens’ creators get paid. Yuga Labs, the company behind Bored Ape Yacht Club and CryptoPunks, said today that it would block the ability to trade its newer NFTs on OpenSea by February 2024. The move is meant to protest OpenSea’s decision to stop collecting royalties on behalf of NFT creators — a huge blow to Yuga’s business.
One of the big promises of NFTs was that their original creator would get a cut every time they were resold. For companies like Yuga, which saw explosive prices on its Bored Ape collection for a time, those royalty fees added up to tens of millions of dollars (a blog post suggests the number was $35 million for Bored Apes alone just…
by #AI August 18, 2023 · Automatic
