Yuga Labs, the company behind the popular Bored Ape Yacht Club NFT collection, has recently announced its plans to stop supporting NFT marketplaces that disregard artist royalties. This decision comes as a response to the growing concerns within the NFT community regarding the lack of transparency and fairness in the distribution of profits to artists.
NFTs, or non-fungible tokens, have become a popular form of digital art and collectibles in recent years. However, one of the major issues facing the NFT market is the lack of regulation and accountability when it comes to ensuring that artists receive their fair share of the profits generated from the sale of their work.
Yuga Labs has been a vocal advocate for artist rights in the NFT space, and their decision to take a stand against marketplaces that do not prioritize artist royalties is a significant step towards creating a more equitable and sustainable ecosystem for digital artists.
In a statement released by Yuga Labs, the company expressed their commitment to supporting artists and ensuring that they are fairly compensated for their work. They stated, “We believe that artists deserve to be properly compensated for their creativity and talent. We will no longer support marketplaces that do not prioritize artist royalties and we encourage other players in the NFT space to do the same.”
This announcement has been met with widespread support from the NFT community, with many praising Yuga Labs for taking a stand on this important issue. By holding marketplaces accountable for their practices and advocating for fair compensation for artists, Yuga Labs is setting a positive example for others in the industry to follow.
As the NFT market continues to grow and evolve, it is crucial that steps are taken to ensure that artists are not exploited and that they receive the recognition and compensation they deserve for their work. Yuga Labs’ decision to stop supporting marketplaces that disregard artist royalties is a significant move towards achieving this goal and creating a more ethical and sustainable NFT ecosystem.
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- Source Link: https://zephyrnet.com/yuga-labs-to-end-support-for-nft-marketplaces-that-dont-respect-royalties-unchained/