NiftyNoon: OpenSea Fights the NFT Community as it Abandons Royalties
OpenSea faces widespread community backlash following its decision to fully eliminate creator royalties (August 21, 2023)
Nifty Thought
OpenSea once sat upon the throne of the NFT world. It did not matter if Bored Apes or Fidenzas were dominating sales volume; so long as something was dominating and OpenSea was collecting its 2.5% transaction fee, the company was happy. The bear market has harmed OpenSea two fold in that NFT volumes (and therefore OpenSea’s transaction fees) have plummeted while OpenSea itself has lost significant market share to marketplace competitors (namely Blur). In an effort to better compete against royalty-optional marketplaces, OpenSea has spent the past year experimenting with royalty enforcement tools and its own royalty-optional marketplace as well.
The news that it has finally elected to fully eliminate mandatory creator royalties on its platform has caused even massive players such as Bored Ape Yacht Club of Yuga Labs to announce they will be moving on from the marketplace. While this itself is a huge blow to OpenSea, it is likely that even more projects will eventually follow suit as well.
These NFT marketplace battles have proven to be extremely challenging. While OpenSea was not the first major Ethereum NFT marketplace to eliminate creator royalties (that title goes to both Blur and X2Y2), they dealt what many consider to be the killing blow. In the long run, it is still not clear if creator royalties can persist in a decentralized market. At the same time, it is also not clear if NFTs can remain relevant in a world where artists and creators leave the space in mass due to financial constraints. Nonetheless, this entire situation remains the most important story to follow in NFTs right now. I will continue to update everyone as this royalty saga continues.
Highlighted News
Yuga Labs on Open Sea's decision to sunset their Operator Filter:
https://twitter.com/yugalabs/status/1692627502999691453?s=46&t=NTz3gGVdG94p3mG-QuoppA
One of the best BAYC in the collection just sold for 153E, at a 624E loss:
https://twitter.com/cirrusnft/status/1693125618655973500?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Project and Community News
Mark Cuban criticizes Open Sea’s move not collecting and paying royalties on NFT sales:
https://twitter.com/mcuban/status/1692541974484549925?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Open Sea shares users will no longer be able to create new listings for or make new offers on BSC NFTs:
https://twitter.com/opensea/status/1692598153244020776?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@Courtyard_NFT bringing the art of collecting and trading real-world assets on-chain, on Polygon:
https://twitter.com/onpolygon_/status/1691857720989679920?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Rarible R is for Royalties - free mint:
https://twitter.com/rarible/status/1692551915337404774?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@CryptoPunkNoah taking some time to focus on family:
https://twitter.com/cryptopunknoah/status/1692900308777681348?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Honeybee Nyan Balloon Exchange requirements:
https://twitter.com/prguitarman/status/1692252045607047252?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Meet Hap and Mello, the main characters of Doodles:
https://twitter.com/doodles/status/1692560957732516059?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Thoughts on the @doodles x @CAMPSTORES collaboration in Chicago:
https://twitter.com/nftbark/status/1692569872272683045?s=46&t=VNZieg-Oc8jYuU-FpUeaXQ
@clon stepping into an expanded leadership role at Cool Cats:
https://twitter.com/cloncast/status/1692570801571234073?s=20
@ChiefCoolCats stepping down:
https://twitter.com/chiefcoolcat/status/1692574955685265448?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
RECUR platform to be depreciated over coming months:
https://twitter.com/recurforever/status/1692633345753002406?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Friend.tech partnered with Paradigm to build tools for new online social interactions:
https://twitter.com/friendtech/status/1692588652172640666?s=46&t=1-KoqRrw-Co2MUjXMskfRA
Friend.tech share 100,000,000 points will be distributed over six months:
Departed Apes announce co-venture with KZ labs:
https://twitter.com/departedapes/status/1692527474503295209?s=20
IX. The Monument Game:
https://twitter.com/samspratt/status/1692540830102286736?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Graph of chat activity in the bored ape discord plotted against the floor price of bored ape:
https://twitter.com/redhairshanks86/status/1692505616877514956?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
A lot of farmers threw in the towel this week after $BLUR nuked another 30%:
https://twitter.com/cirrusnft/status/1692568848124293318?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Milady has the third highest floor of 10k+ pfp projects. Only behind punks and BAYC:
https://twitter.com/punk9059/status/1693357671850688809?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Quick Stats:
Blur ETH Daily Volume: 4,826 ETH (▼ 4.62%)
OpenSea ETH Daily Volume: 1,711 ETH (▲ 3.38%)
BTC: $26,061.23 (▼ 0.16%)
ETH: $1,673.88 (▲ 0.36%)
Solana: $21.34 (▼ 2.06%)
Polygon: $0.57 (▼ 0.10%)
NFT Daily Winners:
👩🏻 Milady Maker: 4.35 ETH (▲ 16.93%)
🏴☠️ Captainz: 3.69 ETH (▲ 6.03%)
🏳️🌈 Chromie Squiggles: 10.49 ETH (▲ 5.96%)
⛰️ Otherdeeds: 0.53 ETH (▲ 3.40%)
🧟 Mutant Ape Yacht Club: 4.50 ETH (▲ 2.97%)
🐧 Pudgy Penguins: 3.77 ETH (▲ 2.72%)
🧬 Clone X: 1.10 ETH (▲ 2.71%)
🦧 Bored Ape Yacht Club: 23.30 ETH (▲ 1.79%)
🐈⬛ VeeFriends: 1.69 ETH (► 0.00%)
NFT Daily Losers:
🚬 CryptoPunks: 47.69 ETH (▼ 0.38%)
🦉 Moonbirds: 1.18 ETH (▼1.61%)
🌈 Doodles: 1.35 ETH (▼ 1.69%)
⛩️ Azuki: 3.53 ETH (▼ 1.97%)
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