Yuga Labs, the company behind the popular Bored Ape Yacht Club NFT collection, has made a bold announcement that is sure to shake up the world of non-fungible tokens (NFTs). In a recent statement, Yuga Labs declared that they will no longer support NFT marketplaces that fail to properly enforce royalty payments for creators.
This decision comes in response to a growing concern within the NFT community about the lack of accountability when it comes to ensuring that artists receive their fair share of royalties from the resale of their work. Many NFT marketplaces have been criticized for allowing buyers to resell digital assets without compensating the original creators, leading to a loss of income and recognition for the artists who put their time and effort into creating these unique pieces.
Yuga Labs’ decision to take a stand on this issue is a significant step towards promoting fair compensation for artists in the NFT space. By refusing to support marketplaces that disregard royalties, Yuga Labs is sending a clear message that they value the contributions of creators and believe that they deserve to be fairly compensated for their work.
This move is likely to have a ripple effect throughout the NFT industry, as other companies and platforms may follow suit in implementing stricter guidelines for royalty payments. It also serves as a reminder to buyers and sellers in the NFT market that they have a responsibility to support and respect the rights of artists.
In addition to announcing their stance on royalties, Yuga Labs has also stated that they will be working on developing their own marketplace that prioritizes fair compensation for creators. This new platform will provide artists with greater control over their work and ensure that they receive proper royalties from every resale.
Overall, Yuga Labs’ decision to end support for NFT marketplaces that disregard royalties is a positive development for the NFT community. By taking a stand on this important issue, Yuga Labs is setting a new standard for ethical practices in the industry and paving the way for a more sustainable and equitable future for artists in the world of digital art.
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- Source Link: https://zephyrnet.com/yuga-labs-to-end-support-for-nft-marketplaces-that-dont-respect-royalties-unchained/