Following OpenSea’s decision to disable on-chain royalty enforcement tool, Yuga Labs has said that it would wind back all “upgradable contracts and any new collections” from the NFT marketplace. OpenSea launched Operator Filter in November 2022 that allowed creators to block out marketplaces that enforce optional royalty on secondary sales. On August 17, OpenSea said it was sunsetting the Operator Filter for lack of opt-ins and platforms bypassing it with support from creators, media reports said.
“In light of OpenSea’s announcement yesterday that they will be sunsetting the OpenSea Operator Filter they introduced and moving to optional creator fees on all secondary sales for all collections by February 2024, Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach,” Yuga Labs’s CEO Daniel Alegre said in a statement shared on X, formerly Twitter.
One of the key features of NFTs was the idea that creators will gain on secondary sales on a perpetual basis. But after platforms like Blur came on the scene and began offering zero trading fees and optional creator royalty model. As competition intensified among NFT marketplaces over the last one year, the trading fees and royalty percentage declined.
