Yuga Labs, the company behind the popular Bored Ape Yacht Club NFT collection, has recently announced their plans to stop supporting NFT marketplaces that disregard royalties for creators. This decision comes as a response to the growing concerns within the NFT community regarding the lack of proper compensation for artists and creators whose work is being sold as non-fungible tokens.
NFTs have become a booming industry in recent years, with artists and creators turning to digital art as a new way to monetize their work. However, one of the major issues that has arisen within the NFT space is the lack of transparency and fairness when it comes to royalties. Many NFT marketplaces do not have systems in place to ensure that creators receive a fair share of the profits when their work is resold.
Yuga Labs has taken a stand against this practice by announcing that they will no longer support NFT marketplaces that do not prioritize royalties for creators. In a statement released by the company, they emphasized the importance of ensuring that artists are properly compensated for their work, both initially and in the event of resale.
The decision by Yuga Labs has been met with praise from many within the NFT community, who see it as a step in the right direction towards creating a more equitable and sustainable ecosystem for digital artists. By holding marketplaces accountable for ensuring that creators receive their fair share of royalties, Yuga Labs is setting a new standard for ethical practices within the NFT space.
In addition to their stance on royalties, Yuga Labs has also announced plans to work with other industry leaders to develop standards and guidelines for fair compensation within the NFT market. This collaborative effort is aimed at creating a more transparent and artist-friendly environment for creators to showcase and sell their work.
Overall, Yuga Labs’ decision to stop supporting NFT marketplaces that disregard royalties is a positive development for the digital art community. By taking a stand on this issue, they are setting an example for others to follow and helping to ensure that artists are fairly compensated for their contributions to the NFT space.
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- Source Link: https://zephyrnet.com/yuga-labs-to-end-support-for-nft-marketplaces-that-dont-respect-royalties-unchained/