Bored Apes, Yuga Labs, and Magic Eden Joining Forces to Whip NFT Royalties into Shape – A Tale of Collaboration!

Bored Apes Creator Yuga Labs Partners with Magic Eden to Solve NFT Royalty Issues – Here's What You Need to Know!

Source: AdobeStock / GuGGGar

The Open Metaverse Alliance for Web3, also known as OMA3, has assembled a dream team of Web3 companies to protect the rights of NFT creators. They are determined to standardize creator royalties on NFT marketplaces and keep them from going extinct.

According to a tweet from OMA3, the consortium is rallying support from Magic Eden, Yuga Labs, Animoca Brands, and other members of their fantastic membership. They’re even inviting the NFT Community to join forces and fortify their efforts. It’s like forming a superhero league to defend the rights of digital artists!

But what exactly are creator royalties, you ask? Well, think of them as the royalties musicians receive when their songs are streamed or played on the radio. In the world of NFTs, it’s the fees that creators earn on secondary sales. And let’s not forget, these fees go directly to the creators, not some greedy middleman platform.

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Sadly, due to the ongoing crypto winter, some NFT marketplaces have decided to strip away these royalties, leaving creators feeling cold and undervalued. It’s like taking away pizza from a Ninja Turtle or sunshine from a beach vacation. Just not right!

But fear not! OMA3 and its illustrious working group are here to save the day. They plan to create universal standards that ensure all NFT marketplaces honor creator royalties. It’s like establishing traffic rules for the NFT highway, steering clear of chaos and confusion.

One marketplace that acted as a trendsetter in this struggle for fairness is Blur. They introduced creator royalties and quickly became the top NFT marketplace, leaving OpenSea in their pixelated dust. Blur’s 24-hour volume is a staggering $4.5 million, while OpenSea recorded a mere $1.58 million. Talk about a power move!

In response to OpenSea’s decision to retire the Operator Filter for new collections, Yuga Labs also decided to sunset support for the platform. They believe that creator royalties are not only fair but also essential for the future of content sharing. After all, who wants to share their creations if they can’t reap the rewards? It’s like throwing a party without music or dancing. Pointless!

To lead this noble cause, OMA3 has enlisted Alfred Tom, the co-founder and CEO of Wivity, as the Acting Chair of their NFT Working Group. Their mission includes improving the functionality, usability, and security of NFTs, harmonizing NFT licenses, and recommending best practices to combat fraud. It’s like building a fortress to protect creators from the treacherous pitfalls of the digital realm.

OMA3 envisions a decentralized and community-run metaverse where digital assets, identities, and data are freely exchanged and controlled by users, not platforms. It’s like creating a utopia where artists can thrive, explore, and shape the future without being stifled by gatekeepers. Exciting times ahead!

Join the battle for creator royalties! Be part of the movement that brings fairness and recognition to digital artists. Together, we can build a metaverse that celebrates creativity and rewards its creators. Buckle up, fellow digital asset investors, the NFT revolution is just getting started!

Learn more: – Tattoos as NFTs: Machine Paves Way for Artist Royalties – Here’s How it Works – Avant Arte & Yuga Labs Set to Bring 10,000 CryptoPunks Into the Physical Realm

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