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Mark Cuban and the NFT Community oppose OpenSea’s royalty reform

Mark Cuban and the NFT Community oppose OpenSea’s royalty reform

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In a shocking turn of events, major players like billionaire entrepreneur Mark Cuban and Yuga Labs, which made the Bored Ape Yacht Club, criticized the popular NFT trading platform OpenSea. OpenSea announced on Thursday that it would no longer enforce creator royalties, which caused a big fuss. Many people were upset and angry about this decision.

Mark Cuban, who is well-known in the tech industry and the NFT space, went on Twitter to say that he strongly disagreed with what OpenSea did. He stressed how serious the situation was and said that not collecting and paying royalties on sales of NFTs would not only hurt trust in the platform but also hurt the whole industry. Cuban’s words were important because of his status and experience in the crypto space. For example, he was an investor in OpenSea until the company’s Series A funding round in 2021.

With this announcement, OpenSea changed the way it handles creator royalties. The platform said that as of August 31, buyers of NFTs that have already been sold wouldn’t have to pay a creator fee. This change had a big effect on artists and teams that depend on passive income from reselling their work. Before, creator royalty fees of between 2.5% and 10% were an important part of the NFT ecosystem. They made sure that artists were still paid after their first sale.

Many people thought that the decision was made because of pressure from other NFT marketplaces that had cut or eliminated creator royalties to attract buyers. Devin Finzer, who is the CEO and co-founder of OpenSea, has said in the past that creator fees are important for protecting artists’ rights.

Notably, Mark Cuban’s criticism was especially interesting because he is a fan of NFTs and an investor in OpenSea. Even though Cuban was part of the platform’s $23 million Series A funding round in 2021, those who thought that creator royalties were important to the integrity of the NFT ecosystem strongly agreed with him.

Yuga Labs, which made the Bored Ape Yacht Club NFTs, has joined the group of people who don’t like what OpenSea did. In response to the policy change, Yuga Labs said it would stop being compatible with OpenSea over time. This answer focused on how OpenSea’s choice affects the NFT creator community.

In a related event, a group of investors who bought Bored Ape Yacht Club NFTs started a lawsuit against Sotheby’s Holdings Inc. and a number of celebrities, including Paris Hilton, Gwyneth Paltrow, Kevin Hart, and others. The lawsuit said that misleading advertising and lies about how much the NFTs were worth had led to false hopes of making money. The investors said that they bought the NFTs because they thought they would make money, but that didn’t happen.

During the height of the NFT craze, the value of Bored Ape NFTs was in the six figures. However, they are now much cheaper on platforms like OpenSea. This case showed how complicated the NFT market is and how legal problems may come up as the market changes.

In short, OpenSea’s decision to stop enforcing creator royalties made important people like Mark Cuban and NFT creators like Yuga Labs very angry. The controversy shed light on how complicated the NFT ecosystem is and brought attention to the problems and possible legal consequences of the NFT market.

Mark Cuban and the NFT Community oppose OpenSea's royalty reform
Mark Cuban and the NFT Community oppose OpenSea’s royalty reform

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Mark Cuban and the NFT Community oppose OpenSea’s royalty reform

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Mark Cuban and the NFT Community oppose OpenSea’s royalty reform

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.