Mark Cuban And Yuga Labs Weigh In On OpenSea Creator Drama: 'Not Collecting And Paying Royalties On NFT Sales Is A HUGE Mistake'
Portfolio Pulse from Chris Katje
OpenSea, a leading NFT marketplace, has faced backlash over its decision to stop enforcing mandatory creator royalties on secondary sales of NFTs. The change, which will take effect in March 2024, has been criticized by Yuga Labs, the company behind popular NFT collections, and Mark Cuban, an investor in OpenSea. Yuga Labs plans to sunset support for OpenSea's SeaPort by February 2024, and there is speculation that it may launch its own NFT marketplace. Coinbase Global (NASDAQ:COIN), which operates an NFT marketplace, has stated its commitment to enforcing creator royalties.
August 20, 2023 | 10:21 pm
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Coinbase Global, which operates an NFT marketplace, has stated its commitment to enforcing creator royalties amid the controversy surrounding OpenSea's decision to stop enforcing mandatory creator royalties.
Coinbase's reaffirmation of its commitment to enforcing creator royalties could potentially attract artists and creators who are dissatisfied with OpenSea's policy change. This could lead to increased usage of Coinbase's NFT marketplace, potentially boosting its revenues and positively impacting its stock price in the short term.
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